Amendment status not verified — confirm the current text below against the official source.
Restriction on transfer of possession of land held under a society! Notwithstanding anything in any law for the time being in force— (1) a member of a registered society, the object of which is to develop operative or Collective farming, shall not be entitled to transfer his possession $ interest in any land held by him under the society, except to the society or with the previous approval of the managing body and in accordance with its bye-laws, to" member thereof or to a person who will be admitted as a member of the societi (2) on the death of such a member, his possession of and interest in, anj such land held by him under the society shall come to his nominee in accordai with the provisions of section 23 or in the first eligible heir according to seniojj in age willing to become a member of the society ; (3) if no nominee or heir becomes a member the possession of and intercs in, such land of the deceased, shall vest in the society, which shall pay to the r nee or the heir, a sum equivalent to the value of the share and interest of deceased member and any other sum due from the society as determined in accord ance with this Act or rules framed thereunder after deducting all dues which ti deceased member owned to the society ; 277 (4) if there is no person qualified to succeed to the share or interest of the deceased member the society shall pay to his heir, executor or the legal representa tive as the case may be, a sum equivalent to the value of the share and interest of the deceased member as determined in accordance with the rules after deduct ing the dues of the deceased to the society ; (5) when in any other case a member ceases to be a member of such a society under this Act, rules or bye-laws, his possession of and interest in, any such land held by him under the society shall come to the society. If the bye laws allow and if the share and interest of the member is not forfeited under this Act or rules framed thereunder, the society shall pay to the ceased member a sum equivalent to the value of the share and interest of such member and any other sum due to him from the society after deducting his debts to the society, if any ; (6) no land held under a registered society specified in sub-section (1) by a member thereof, or vested under sub-section (2) in the heir or nominee of such member, shall be attachable in any suit or proceeding for the recovery of any debt other than a debt due to the society or to a member thereof ; (7) no land shall vest in such a society by reason of the provisions of this section unless it is owned by the society or has been leased to the society and, if the society holds the land by lease or contract, the land shall vest in the society only during the pendency of the lease or contract.