Model By–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.