Section 19(4) in The West Bengal Co-Operative Societies Act, 1983
(4)When a resolution has been passed under sub-section (1) or sub-section (2), the co-operative society or the co-operative societies concerned shall give notice thereof in writing to all its or their members and creditors, within thirty days from the date of the general or special general meeting, as the case may be, at which the resolution is passed and notwithstanding anything contained in any by-law or contract, any member of any such cooperative society shall have option to withdraw his share or deposit or any creditor of any such co-operative society shall have option to demand repayment of his loan by such co-operative society within one month from the date of service of such notice. Such resolution shall not take effect until all the claims of the members and the creditors of any such co-operative society who exercise option under this sub-section have been met in full:[Provided that no member, who is a debtor of a co-operative society or is a surety for any other member in respect of any loan granted by a cooperative society, shall exercise option to withdraw his share or deposit until the debt or the loan, in respect of which he is the debtor or surety, as the case may be, is repaid in full with interest accrued thereon.] [Proviso inserted by West Bengal Act 21 of 1990.]
