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 of the co-operative society or becomes insane,— (a) his share or interest shall be transferred to a person qualified to be a transferee of such share or interest under section 78, and the value thereof shall be paid to the member in cash within two years from the date of expulsion or resignation, as the case may be, or, if the member is insane, to any person appointed to manage his properties under the Indian Lunacy 4 of 1912. Act, 1912. 356 The West Bengal Co-operative Societies Act, 1983. XLV of 1983.] (Chapter V111.—Eligibility for membership and privileges, liabilities and obligations of members.—Sections 82, 83.)