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 its by-laws or becomes insane, his share or interest in the capital of the Co-operative society shall be transferred to a person qualified to be a transferee of such share or interest under section 77, and the value thereof shall be paid to the member after deducting his dues, if any or in the case of his becoming insane, to such person as may be appointed by the competent authority to manage his properties under the Mental Health Act, 1987 within two years from the date on which the member is expelled or resigns or the person as aforesaid is appointed, as the case may be.