Amendment status not verified — confirm the current text below against the official source.
When an order is issued under section 106 for dissolution of a Co-operative society which is a member of a Co-operative society with limited liability and liquidator is appointed under section 110, the liquidator shall transfer the share or interest of the Co-operative society being dissolved, subject to the provisions of section 77, to any person or any other Co-operative society on receipt from such person or Co-operative society the value of such share or interest determined in accordance with the rules: Provided that if the transfer of share or interest is not possible within a reasonable period from the date on which the order issued under section 107 for dissolution of the Co-operative society takes effect, the value of such share or interest determined in accordance with the rules shall, within two years from the date of the order for dissolution, be paid to the liquiditor, or may, with the previous approval of the Registrar, be set off by the liquidator against any sum which is due from the Co-operative society being dissolved to the Co-operative society with limited liability of which the Co-operative society being dissolved is a member. 35 of 1987. 48 THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 - [PART III Disposal of moneys of the deceased, expelled, resigned or insane member. Restrictions on holding of shares. Nomination by member. Restriction on transfer of share or interest. Redemption of share. The West Bengal Co-operative Societies Act, 2006. (Chapter VL—Member of Co-operative societies and their duties, rights, accountability, Privileges and liabilities.—Sections 74-78.)