Liability of a past member or estate of deceased member.

Corporate1960195 sections

Statutory text

(1) Subject to the provisions of sub-section (2), the liability of a past member or of the estate of a deceased member of a society for the debts of the society as they stood:- (a) in case of a past member, on the date on which he ceased to be a member, and (b) in case of a deceased member, on the date of his death; shall continue for a period of two years from such date. (2) Where a society is ordered to be wound up under any provisions of this Act, the liability of a past member or of the estate of a deceased member who ceased to be a member or died, within two years immediately preceding the date of the order for 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 stood on the date of his ceasing to be a member or of his death as the case may be.

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