Section 7 in The Bihar Co-operative Societies Act, 1935
7. Societies which may be registered.
- [(1) Subject to the provisions of this Act, a Co-operative Society constituted in accordance with the provisions of the said Act as amended from time to time, which has as its object, the promotion of the common interest of its members and securing the fulfilment of any or all directives contained in Part IV of the Constitution of India, may be registered under this Act with or without limited liability.] [Substituted by Act 5 of 1989.](2)Where the liability of a society is limited, the liability of each member, past member, or the estate of a deceased member shall on liquidation, be limited to the amount, if any, unpaid on the shares held by such member, or where the liability is limited by guarantee, to the amount of such guarantee, or where it is limited in any other manner, then as may be determined by the rules or bye-laws subject, however, to the provisions of Section 32.(3)Where the liability of a society is unlimited, all members, past members, and the estates of deceased members shall on liquidation, be jointly and severally liable for and in respect of all its obligations, subject, however, to the provisions of Section 32.
