Liability of past member and estate of deceased member.

(1) Subject to the provisions of sub-section (2), the liability of a past member, or of the estate of a deceased member, for the debts of the society as they existed,— (a) in the case of a past member, on the date on which he ceased to be a member; (b) in the 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 section 64, the liability of a past member who ceased to be a member, or of the estate of a deceased member who died, within two years immediately preceding the date of the order of winding up, shall continue until completion of the liquidation proceedings but such liability shall be limited only to the debts of the society as they existed on the date of cessation of membership or death, as the case may be.