Amendment status not verified — confirm the current text below against the official source.
A person shall cease to be a member of a society on this resignation from the membership thereof being accepted, or on the transfer of the whole of his share or interest in the society to another member, or on his death, or expulsion from the society ; Provided that resignation of a person from membership of a society will be accepted only when he or she is not indebted to the society or is not a surety for any unpaid debt due to the society. “Provided further that due to reorganisation of any society or any class of societies as approved by the Registrar. If the ordinary residence of an existing member falls outside the area of operation of the reorganised society, his membership may be terminated in the concerned reorganised society after giving him an opportunity of making a representation to the Registrar or an officer designated by the Registrar regarding the proposed termination within a period of fifteen days of the date of receipt of notice in this behalf and he may be treated as a member of a similar newly organised or reorganised society of the same class having area of operation wherein the ordinary residence of such member falls. The subscribed share capital of such member may be transferred to the newly organised or reorganised society of the same class in the manner as may be decided by the Registrar ; Provided also that if any such member or his nominee demands refund refund of share money in cash in the event of such reorganisation instead of transfer of membership, the amount may be paid to him or his nominee in the manner as prescribed ; Provided always that no share money of any member who has purchased his share out of grant or loan from Government or Small Farmer Development Agency or any other agencies will be refunded in case of his resignation from the society and the share money shall be transferred to Capital redemption fund of the society.”1*