Disposal of shares or interest of ceased member

When a member of a registered society is expelled or withdraws or otherwise ceases to be a member under this Act, Rules or Bye-Laws, his/her share or interest shall be transferred to his/her nominee or to another eligible person and the value thereon, determined in accordance with rules, shall be paid to such ceased members if his/her share or interest is not forfeited under the provisions of this Act, Rules or Bye-Laws or he/she is insane to any person appointed to manage his/her properties under the Indian Lunacy Act, 1912, provided that if there is no eligible transferee and if the Bye-Laws of the society so provide, the value of his/her share or interest determined in accordance with the Bye-Laws shall be paid to him/her or, if he/she is insane to any person appointed to manage his/her properties under the Indian Lunacy Act, 1912,