Co-Operative Societies Act 1993 · Updated to 1 Apr 2015 · Part IV · Rights and Liabilities of Members
35. Liability of past member and estate for debts of co-operative society
Feedback & supportThe liability of a past member of a co-operative society for the debts of the co-operative society, within the limitation provided in section 34A, as they existed on the date on which he ceased to be a member shall not continue for a period of more than two years reckoned from that date.
member
“member” includes a person or a co-operative society joining in the application for the registration of a co-operative society and who has signed the minutes of the inaugural general meeting of the co-operative society and a person or co-operative society admitted to membership of the co-operative society in accordance with the regulations and its by-laws after registration;
The estate of a deceased member of a co-operative society shall not be liable for the debts of the co-operative society, within the limitation provided in section 34A, as they existed on the date of his decease for a period of more than two years reckoned from the date of his decease.
co-operative society
“co-operative society” means an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise which is registered under this Act;
Co-operative Societies 35