If a shareholder wants to separate his share, he must state the date of separation from the other shareholder and declare the distribution of the shareable property and debt in the name of himself and the other shareholder as far as he knows. Explanation: For the purpose of this section, "date of separation" means the following dates or days:-
(a) as if the date mentioned in the deed of separation,
(b) If there is no deed of separation, the date of agreement between the parties regarding the separation,
(c) If there is no agreement between the parties as per clause (b), on the day before filing the appeal,
(d) In the case of a married daughter, the date of her marriage, unless otherwise agreed (2) If there is a separate deed between any of the parties, such deed shall be effective only from the date of registration.
(3) If the person conducting the liquidation in accordance with sub-section (1) is unable to submit the distribution of the property, the reason must also be disclosed.
(4) In the case of sub-section (1), the concerned person shall also submit the declaration of whether or not to give a share to the person who is liquidating, and if he agrees to give a share, of the property and debt in his name at the time of registration of the answer to the court.