Liability of past member and estate of deceased member

(1) Subject to the provisions of sub-section (2) the liability of a past member or the estate of a deceased member of a co-operative society for the debts of the society as they existed,- (a) in the case of a past member, on the date on which he ceased to be a member; (b) in the case of a deceased member, on the date of his death, shall continue for a period of two years from such date; Provided that the liability of the Government or of a credit agency which has takes shares in a co-operative society shall cease on the date on which the Government or the credit agency ceases to be a member. (2) Where a co-operative society is ordered to be wound up under section 57, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within two year immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the society as they existed on the date of cessation of membership or death, as the case may be. A co-operative society other than a producers co-operative society shall dispose of an application received for admission as a member as early as possible and in no case later than the expiration of a period of one month from the date of receipt of the application by the co-operative society. In case of refusal to admit, such co-operative society shall communicate its decision together with reasons thereof, to the applicant.