Land held by a member to be transferred to the Farm

When a Co-operative Farm has been registered under section 68, all lands in the village or contiguous villages held by a member, shall, for so long as the registration of the Co-operative Farm is not cancelled, be deemed to be transferred to and held by the Co-operative Farm, which shall thereupon hold such land and may use it for agricultural purposes or for the purposes of the development of Cottage Industries.