Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained elsewhere in this Act or in any other law for the time being in force— (1) a member of a co-operative society, the object of which is the reclamation and colonisation of land or the acquisition of land and the leasing thereof to its members, shall not be entitled to transfer his possession of, or interest in, any land Disposal of share or interest of expelled, resigned or insane member. Restriction on transfer of possession of, and inter- est in, land held under a co-operative society. 199 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act (Chapter VII.—Eligibility for membership of co-operative societies, and privileges, liabilities and obligations of members of co-operative societies.—Section 73.) held by him under the society, except to the society or, with the previous approval of the society given in accordance with its by-laws, to a member thereof; (2) when the membership of a member of a co-operative society specified in clause (1) terminates by reason of his death, expulsion, resignation or insanity or any other cause, his possession of, and interest in, any land held by him under the society shall vest in his heir, executor or administrator or in the person, if any, nominated by him under section 69, if such heir, executor, administrator or person is willing to become a member of the society and is eligible for membership in accordance with the by-laws of the society; (3) if the heir, executor, administrator or person referred to in clause (2) does not become a member of the co-operative society, the possession of, and interest in, the land including the structure thereon, if any, of the deceased, expelled, resigned or insane member shall vest in the society, which shall pay to such heir, executor, administrator or person, as the case may be, a sum equivalent to the value of the land including the structure thereon, if any, as determined in accordance with the rules or the by-laws; and (4) no land held under a co-operative society specified in clause (1) by a member thereof, or vested under clause (2) in the heir, executor or administrator of such member or in - any person nominated by such member under section 69 shall be attachable in any suit or proceeding for the recovery of any debt other than a debt due to the society or to a member thereof. Disposal of share or interest of a member of a wound up co-operative society.