Section 83 in The West Bengal Co-Operative Societies Act, 1983
83. Disposal of share or interest of member of wound-up co-operative society. -
When an order is issued under section 99 for winding up of a co-operative society which is a member of a co-operative society with limited liability and liquidator is appointed under section 100, the liquidator shall transfer the share or interest of the co-operative society being wound up, subject to the provisions of section 78, to any person or any other cooperative society on receipt from such person or co-operative society the value of such share or interest determined in accordance with the rules:Provided that if the transfer of share or interest is not possible within a reasonable period from the date on which the order issued under section 99 for winding up of the co-operative society takes effect, the value of such share or interest determined in accordance with the rules shall, within two years from the date of the order for winding up, be paid to the liquidator, or may with the previous approval of the Registrar, be set off by the liquidator against any sum which is due from the co-operative society being wound up to the co-operative society with limited liability of which the co-operative society being wound up is a member.
