Co-operative Societies Act 1979 · 2020 Revised Edition · Part 4 · Rights and Liabilities of Members
46. Liability of member limited by shares or by guarantee
Feedback & supportDespite the provisions of any by-laws, the liability of a member, present or past, of a society extends to the nominal value of any shares held or subscribed for by the member.
by-laws
“by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;
Where in the by-laws of a society the amount of the liability of a member is expressed to be greater than the nominal value of any shares held or subscribed for by the member, then the liability of the member extends to that greater amount.
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;