Amendment status not verified — confirm the current text below against the official source.
(1) All sums, calculated in accordance with the provisions of rules, to be due from a Co-operative society to a member, other than payments to be made in respect of share or interest of such member to the Co-operative society, shall, subject to the provision of section 58, be paid within one year— (a) in the case of a deceased member, to the person to whom the share and interest are transferred or their value is paid in accordance with the provision of section 70; (b) in the case of a member who has been expelled by, or has resigned from a Co-operative society, to him; and (c) in the case of a member who has become insane, to the person appointed to manage his properties under the mental health Act, 1987. (2) All payments and transfers made by a Co-operative society in accordance with the provisions of sections 70, 71, 72 and 73 and sub-section (1) of this section shall be valid and effectual irrespective of any demand made upon the Co-operative society by any other person.