BANKING AFFAIRS

Detailed explanation-1: -(b) whether the liability of the members of a Co-operative Society is unlimited or limited by shares, the liability of the Government which has taken shares in Co-operative Society shall be limited to the share capital subscribed by the Government.

Detailed explanation-2: -The liability of the member of a cooperative society is limited to the amount of capital contributed by the member.

Detailed explanation-3: -2. In a co-operative society with unlimited liability, a member, who withdraws or is otherwise removed or expelled from the society, shall be entitled to repayment without interest of any money paid by him or his predecessor-in-interest towards the purchase of shares after such period as may be laid down the bye-laws.

Detailed explanation-4: -Subject to the Act, the liability of a current member of a society is limited to the unpaid amount of his subscription for shares.