Amendment status not verified — confirm the current text below against the official source.
When an order is passed for the winding up of a co-operative society which is a member of a co-operative society with limited liability, the share or interest of the society being wound up shall, subject to the provisions of section 68, be transferred to another person or co-operative society upon receipt from such person or society of the value, determined in accordance with the rules, of such share or interest; and upon the application of the liquidator the value thereof thus received shall be paid to him: Provided that where the transfer of such share or interest is not possible within a reasonable time from the date on which the order directing the winding up of the society takes effect, the value, determined in accordance with the rules, of such share or interest, shall, within a period of two years from the date of the order of winding up, be paid in cash to the liquidator or may, with .the previous approval of the Registrar, be set off the liquidator against any sum which is due by the 200 The West Bengal Co-operative Societies Act, 1973. 'Oa-NMI of 1973.] (Chapter VIL—Eligibility for membership of co-operative societies, and privileges, liabilities and obligations of members of co-operative societies.—Section 74.—Chapter VIII.—Division, transfer of assets and liabilities, and amalgamation, of co-operative societies.—Section 75.) society being wound up, to the co-operative society with limited liability of which such society is a member: