Amendment status not verified — confirm the current text below against the official source.
The members of a co-operative society shall, upon the winding up of the society, be jointly and severally liable to contribute towards any deficiency in the assets of the society— (a) in the case of a society with unlimited liability, without limit; and (b) in the case of a society with limited liability, subject to such limitation of amount as may be provided in the by-laws: Provided that where any shares are purchased in a co-operative society by the State Government or another co-operative society, the liability in respect of such shares shall, upon the winding up of the society, be limited to the amount paid in respect of such shares. Liability of members.