Amendment status not verified — confirm the current text below against the official source.
The liability of past member or the. estate of a deceased member of a Co-operative society for debts of the Co-operative society as they existed on the date of ceasing to be a member of the Co-operative society or on the death of the member, as the case may be, shall continue for a period of five years from the date or till finalisation of the legal proceedings, if any, started within the period of five years as aforesaid: Provided that the legal heirs of the deceased member shall be liable for his debts to the extent of the estate inherited by them and such debts are recoverable from the legal heirs: Provided further that where a Co-operative society is directed to be dissolved under section 107 within the period of five years as aforesaid such liability shall continue until the proceedings for dissolution of the Co-operative society are completed by the liquidator.