Cessation of membership

(1) If a member dies or resigns or his membership is terminated due to any of the disqualifications, specified under this Act, rules or bye-laws framed thereunder, he shall cease to be member of the self-supporting co-operative society.

(2) In the event of death of a member, the self-supporting co-operative society shall inform his nominee for the settlement of accounts within a period of reasonable time.

(3) In the event of cessation of a membership in any case, other than death of a member, the self-supporting co-operative society shall inform the member for the settlement of accounts.