Amendment status not verified — confirm the current text below against the official source.
(1) No person shall be eligible for admission as member of any society, if he (a) has applied to be adjudicated an insolvent or is an undischarged insolvent ; or (b) has been sentenced for any offence involving moral turpitude, such sentence not having been reversed and the offence pardoned and a period of five years has not elapsed from the date of expiry of the sentence; or (c) has been expelled from membership under the Act. (2) If any person becomes a member of any society on his making a declaration as required by the bye-laws of the society or otherwise and such declaration is found to be false, then such person shall be disqualified to continue as a member of the society. (3) In a federal society with the order of winding up of a society which is affiliated to such federal society, its membership in the federal society shall cease forthwith. (4) If a member becomes subject to any of the disqualifications specified in sub-section (1) he shall be deemed to have ceased to be a member from the date when the disqualification was incurred. (5) No individual being a member of a credit society, shall be eligible for admission as a member of any other such society without the general or special sanction of the Registrar. Explanation : For purposes of sub-section (5) “credit society” means a society which lends or gives credit to its member whether in cash or in kind.