Housing Society Bye-laws are the rules and regulations laid down for the proper and peaceful running of the co-operative housing societies. Co-operative society bye-laws are approved by the government authorities and are formed with the intention to help the societies self-regulate themselves.
Model Bye–Laws of Cooperative Housing Society
VIII. RESPONSIBILITIES AND LIABILITIES OF MEMBERS
(E) Liabilities of a Member and the Past Member (Bye Law No 61 and 62)
Bye Law No 61. Liability limited to paid up Shares Amount
The liability of a Member of the Society shall be limited to his shares-holding in the Society.
Bye Law No 62. Liability of the Past and Deceased Member
The liability of the past Members of the Society for the debts of the Society, as they stood on the date of the cessation of his Membership and the liability of the estate of the. deceased Member of the Society for the debts of the Society as they stood on the date of his death shall continue for the period of 2 years from the date of his cessation or death respectively as per the provisions of Section 33(1) of the Act.
The Maharashtra Cooperative Societies Act 1960
Chapter: III – MEMBERS AND THEIR RIGHTS AND LIABILITIES
Section 33 – 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, of a society for the debts of the society as they stood,–
(a) in the case of a past member, on the date on which he ceased to be a member and
(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.
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