Section 23(3) in The Maharashtra Cooperative Societies Rules, 1961
(3)When a share is transferred by a member to another member duly admitted as a member of a society, the transferee shall not be required to pay anything in excess of the value of the share determined in accordance with sub-rule (1).[Explanation. - For the purpose of this rule, net worth means the figure arrived at after including paid-up share capital and the amount of reserves (Reserve fund, unutilized building fund, dividend equalization fund, carried forward balance net profit, any other fund which is not marked specifically for any liability) and deducting there from accumulated loss, short fall in provision. In case of society doing banking business guidelines of the Reserve Bank of India or National Bank as the case may be, shall apply in this behalf.] [Inserted by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).]
