Restriction on transfer of possession of land held under a society

1) Notwithstanding anything in any other law for the time being in force, a member of a registered society the object of which is to develop Co-operative or collective farming, shall not be entitled to transfer his possession or interest in any land held by him/her under the society except to the society or with the previous approval of the managing body and in accordance with its Bye-Laws, to a member thereof or to a person who will be admitted as a member of the society. 2) On the death of such a member his/her possession of an interest in any such land held by him/her under the society shall come to his/her nominee in accordance with the provisions of Section 56 or to the first eligible heir according to seniority in age willing to become of the society. 3) If no nominee or heir becomes a member the possession of an interest in any such land of the deceased shall vest in the society which shall pay to the nominee or the heir a sum equivalent to the value of the share and interest of the deceased member and any other sum due from the society as determined inaccordance with this Act or Rules framed there under, after deducting all dues of the deceased member owing to the society. 4) If there is no person qualified to succeed to the share or interest of the deceased member, the society shall pay to his/her heir, executor or the legal representative, as the case may be, a sum equivalent to the value of the share and interest of the deceased member as determined in accordance with the Rules, after deducting the dues of the deceased to the society. 5) When in any other case, a member ceases to be a member of such society under this Act, Rules or Bye-Laws his/her possession of and interest in any such land held by him/her under the society shall come to the society. If the Bye-Laws allow and if the share and interest of the members is not fortified under this Act or Rules framed there under the society shall pay to the ceased member a sum equivalent to the value of the share and interest of such member and other sum due to him/her from the society after deducting his/her debts to the society, if any. 6) No land under a registered society specified in sub-section (1) by a member there of, or vested under sub-section (2) in the heir nominee of such member shall be attachable in any suit or proceeding for the recovery of any debt other than a debt due to the society or to a memberthereof. 7) No land shall vest in such a society by reasc of the provisions of this section unless it is owned by the society or has been leased to the society and if the society holds the land by lease or contract the land shall vest in the society only during the pendency of lease or contract.