(1) Subject to the provisions of sub-section (2), the liability of a past member or of the estate of a deceased member of a co-operative society for the debts of the society as they existed,--
         (a) in the case of a past member, on the date on which he ceased to be a member;
         (b) in the case of a deceased member, on the date of his death, shall continue for a period of two years from such date.
     (2) Where a co-operative society is ordered to be wound up under section 63, the liability of a past member or of the estate of a deceased member who ceased to be a member or died within two years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the society as they existed on the date of his ceasing to be a member or death, as the case may be.