Amendment status not verified — confirm the current text below against the official source.
(1) Subject to the provisions of sub-section (2), the liability of a past member, or of the estate of a deceased member of a society for the debts of the society as they stood- (a) in the case of a past member on the date on which he ceased to be a member; and (b) in the case of a deceased member, on the date of his death, shall continue for a period of two years from such date. (2) Where a society is ordered to be wound up under any provision of this Act, the liability of a past member or of the estate of a deceased member, who ceased to be member or died, within two years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed; but such liability shall extend only to the debts of the society as they stood on the date of his ceasing to be a member or death, as the case may be.