(1)
(a) Subject to the provisions of section 23-
(b) Notwithstanding anything contained in this Act or in any other law for the time being in force, every individual member other than an associate member of every financing bank and every apex society shall cease to be a member of such bank or society, as the case may be, on and from such date as the Government may, by notification, specify and such individual member shall be entitled to receive his share or interest in the capital and other moneys due to him in such manner and within such time as may be prescribed.
(2)
(i) In the case of every registered society, every individual eligible for admission as a member of any such society under the provisions of this Act, the Rules and the bye-laws of the society shall, on application made in such form and in such manner as may be prescribed, be admitted by the board [or by the general body, where there is no board] [Inserted by Tamil Nadu Act No. 37 of 2012, dated 14.11.2012, w.e.f. 3.8.2012.] as a member of the society with effect from the date of receipt of such application in the office of such society:
(ii) Notwithstanding anything contained in class (i), or in any other provision of this Act, the Registrar may, either suo motu or on application at any time, by order and after recording the reasons in writing, remove any individual deemed to have been admitted as a member of the society under clause (z) from such membership if such individual is not eligible to be a member of such society under the provisions of this Act, the Rules and the bye-laws of the society:
(iii) No order under clause (ii) shall be passed without giving a reasonable opportunity of being heard to the parties concerned.
(3)
No member of a registered society shall exercise the rights of a member unless and until he has made such payment to the society in respect of membership or acquired such interest in the society as may be specified in the Rules or the bye-laws within such time as may be prescribed:
Provided that no member in respect of whom a proceeding under clause (ii) of sub-section (2) is pending shall be eligible to exercise the rights as a member till the termination of such proceeding.