Amendment status not verified — confirm the current text below against the official source.
When a member of a co-operative society is expelled or resigns in accordance with the rules or the by-laws, or when a member becomes insane— (a) his share or interest shall be transferred to another person qualified to be the transferee in accordance with the provisions of section 68, and the value thereof so received or otherwise determined in accordance with the rules or the by-laws shall be paid in cash within a period of two years from the date of expulsion or resignation, as the case may be, to such member or, if he is insane, to any person appointed 4 of 1912. to manage his properties under the Indian Lunacy Act, 1912; and (b) in the case of a society with unlimited liability, if the by- laws so provide, the value of his share or interest determined in accordance with the rules or the by-laws shall be paid to him or, if he is insane, to any person appointed to manage his properties under the Indian Lunacy Act, 1912.