As I could gather, clause 118 (v) of the model bye-law provides the answer:
118. No person shall be eligible for being elected as a member of the Committee or co-opted on it, if:
(I) He has been convicted of the offence, involving moral turpitude, unless the period of six years has elapsed since his conviction;
(ii) he defaults the payment of dues to the society, within three months from the date of service of notice in writing, served either by hand delivery or by post (under certificate of posting), demanding the payment of dues;
(iii) he has been held responsible under Section 79 or 88 of the MCS Act, 1960, or has been held responsible for the payment of the costs of enquiry under Section 85 of the MCS Act,1960;
(iv) he has without the previous permission of the society, in writing, sublet his flat or part thereof or given it on leave and licence or caretaker basis or has parted with its possession in any other manner or has sold his shares and interest in the Society;
(v) in case of an associate member, non-submission of the no-objection certificate and undertaking, as prescribed under these bye-laws, by the member.
(vi) he is declared as ineligible as per the provision of the Maharashtra co-operative societies Act. 1960 and Rules, 1961.