Section 15(1) in Jammu and Kashmir Co-operative Societies Rules, 2001
(1)If a member resigns his membership of Co-operative Society or is removed under rule 13 or dies or otherwise ceases to be member, the sum representing the value of his share or interest in the capital of the society to be paid to him or his nominee, heir or legal representatives, as the case may be, shall be ascertained in the following manner:-(i)In the case of a society with unlimited liabilities it shall be the actual amount received by the society in respect of such share or interest;(ii)In the case of a society with limited liability it shall be the amount arrived at by a valuation based on the financial position of the society as shown in the last audited balance sheet proceeding the resignation, removal or death, as the case maybe, provided that the amount so ascertained shall not exceed the actual amount received by the society in respect of such share or interest.
