Section 142(4) in Tamil Nadu Co-operative Societies Rules, 1988
(4)(a)Where such property consists of machinery engaged in actual manufacture or is a workshop, godown or place of business actually in use by the member, past member or the nominee, heir or legal representative of the deceased member, the society shall, if the member, past member or the nominee, heir or legal representative of the deceased member, as the case may be, so desires, leave the property with him on the production of security to the satisfaction of the society either in the shape of unencumbered immovable property or personal surety.(b)Where the member, past member or the nominee, heir or legal representative of the deceased member does not furnish security to the satisfaction of the society, the society shall take over the machinery, workshop, godown or place of business and maintain it until such lime the member, past member or the nominee, heir or legal representative of the deceased member furnishes adequate security or discharges the debt or outstanding demand in respect of which there is a charge on the properly. The actual expenses incidental to the management and maintenance of the machinery, workshop, godown or place of business shall be defrayed by the member, past member, or the nominee, heir or legal representative of the deceased member upon his redeeming the property or from the proceeds of the sale in the event Of its being sold.
