Chapter III- Members of Co-operative Societies, their Rights and Liabilities, Section 27- Liability of past member and estate of deceased member

Section 27- Liability of past member and estate of deceased member.

  1. Subject to the provisions of sub-section 2, the liability of a past member shall cease on the day he ceases to be a member. The liability of a deceased member after his death, shall continue for two years after his death.
  2. When a co-operative society is ordered to be wound up under section 63, the liability of a past member immediately before the order or a deceased member who died less than 2 years ago, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the society as they existed on the date of his ceasing to be a member or death, as the case may be.