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Whcn a Co-opcra~ive Farming Socicly is eslablishcd under the Revenue provisions of this Act, Ulc qgregatc of the revcnues which would lwvc becn payable by irs membcrs for thcir lands, if such lands had no1 Fanning vested in thc sociery, shall bc the revenuc payable by the society Tor the SDcie'y. lands vcsiiog in ir, subjec~ to such reduction as may be allowcd under sec~ion 48.