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