Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything in any law for the time being inforce,- (iii) a member of a registered co-operative society, the object of which is to develop co-operative or collective farming, shall not be entitled to transfer his possession or interest in any land held by him under the cooperative society, except to the co-operative society or with the previous approval of the managing body and in accordance with its bye-law to a member thereof or to a person who will be admitted as a member of the cooperative society; (iv) on the death of such a member, his possession of an interest in, any such land held by him under the cooperative society shall come to his nominee in accordance with the provisions of Section 22 or to the first eligible heir willing to become a member of the Cooperative Society; (v) if no nominee or heir becomes a member the possession of an interest in such land of the deceased shall vest in the co-operative society, which shall pay to the nominee or the heir a sum equivalent to the value of the share and interest of the deceased member and any other sum due from the co-operative society as determined in accordance with this Act or rules framed thereunder after deducting all dues which the deceased member owed to the co-operative society; (vi) if there is no person qualified to succeed to the share or interest of the deceased member, the co-operative society shall pay to his heir, executor or the legal representative, 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 deducting the dues of the deceased to the cooperative society; (vii) if a member ceases to be a member of such a society under this Act, rules or bye-laws, his possession of an interest in any such land held by him under the cooperative society shall come to the co-operative 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 co-operative 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 co-operative society after deducting his debts to the co-operative society, if any; (viii) no land held under a registered cooperative society specified in clause (a) by a member, thereof, or vested under clause (b) in the nominee or heir of such member, shall be attachable in any suit or proceeding for the recovery of any debt other than a debt due to the cooperative society or to a member thereof; and (ix) no land shall vest in such a co-operative society by reason of the provision of this section unless it is owned by the co-operative society or has been leased to the cooperative society and if the co-operative society holds the land by lease or contract, the land shall vest in the cooperative society only during the pendency of the lease or contract.