Section 34A
Liability of member limited by subscription or shares
of Co-Operative Societies Act 1993
ActIn forceProvision 40 of 119
Section 34A
(1)
Subject to subsection (2), the liability of a member, present or past, of a co-operative society shall extend to the nominal value of any share held, or subscribed for, by him.
(2)
Where in the by-laws of a co-operative society the amount of the liability of a member is expressed to be greater than the nominal value of any share held or subscribed for by him, then the liability of the member shall extend to such greater amount.