Section 24. Disposal of Shares or interest of ceased members.

If a member of a registered co-operative society is expelled or withdrawn or otherwise ceases to be a member under this Act, rules or bye-laws his share of interest shall be transferred to another eligible person, and the value thereon, determined in accordance with the rules, shall be paid to such ceased member if his share or interest is not forfeited under the provisions of this Act, rules or bye-laws or if he is insane, to any person appointed to manage his properties under the Indian Lunacy Act,1912: Provided that if there is no eligible transferee and if the bye-laws of the co-operative society so provide the value of his share or interest determined in accordance with the bye-laws shall be paid to him or, if he is insane, to any person appointed to manage his properties under the Lunacy Act,1912(Act IV of 1912).