64f. Value Payment

Bye-law No. 64

64. f. PAYMENT OF INTEREST VALUE

On realisation of the demand draft and within one month of the admission of the said person to Membership of the Society, the Committee shall arrange to pay the value of the interest in the flat realised by the Society,
i. To the Member whose resignation has been accepted by the Committee, or
ii. To the nominee/s legal heir/s of the deceased Member who demanded payment of the value of the Shares and the interest in the capital or property of the Society or
iii. To the expelled Member Together with the value of the shares as determined under (i) above and after deducting the following
a. outstanding amounts, if any, due from such Member.
b. the entire expenses of the publication of the notice.
c. Expenses incurred for the disposal of the interest of the Member in the property/capital of the Society.

The payment shall be made in the manner provided under the bye-laws Nos. 36, 37 and 55 to the nominee/nominees or heir/heirs, respectively.