Disposal of share or interest of expelled, resigned or insane member

When a member of a society is expelled or resigns in accordance with the rules or the bye-laws, or when a member becomes insane,- (a) his share or interest shall be transferred to another person qualified to be the transferee in accordance with the provisions of section 22, and the value thereof determined in accordance with the rules, shall be paid to such member or, if he is insane, to any person appointed to manage his properties under the Indian Lunacy Act, 1912 (4 of 1912); or (b) in case of a society with unlimited liability if the bye-laws so provide, the value of his shares or interest determined in accordance with the rule, shall be paid to him, or, if he is insane, to any person appointed to manage his properties under the Indian Lunacy Act, 1912 (4 of 1912).