Section 21 in The Meghalaya Co-operative Societies Rules
21. Procedure for calculating the value of shares or interest of ceased members.
(1)Where a co-operative society has to make a refund of the value of share or interest of a person who has ceased to be a member under Section 25 the value of the share shall be deemed to be equal to the amount actually paid up on the share ; provide that where the position of the assets is estimated to be bad or doubtful in the latest audited balance sheet and is not covered by funds created lor the purpose out of profits, the Managing Committee may, for the purpose of such payment, reduce the value of the share proportionately taking into consideration the assets which are bad or doubtful.(2)Where a transfer of share or interest is to be made, the value of the share or interest shall be deemed to be the sum actually paid by the member for the acquisition of such share of interest.
