Section 18 in The Punjab Co-operative Societies Rules, 1963
18. Withdrawal from membership. [Section 85 (2) (xix)]
(1)In the co- operative society with unlimited liability, a member who is not indebted to a co-operative society and is not a surety for an unpaid debt, may withdraw from the co-operative society after giving such notice to the Secretary of the Co- operative Society as may be laid down in the bye-laws of the co-op society.(2)In a co-operative society with unlimited liability, a member who withdraws or is otherwise removed or expelled from the Co-operative Society, shall be entitled to repayment without interest of any money paid by him or his predecessor in interest towards the purchase of shares after such period as may be laid down in the bye-laws.(3)No member of a co-operative society with limited liability shall ordinarily be permitted to seek withdrawal or refund of his shares :Provided that where the society has created a share-transfer fund out of its earned profits, its managing committee may, keeping in view the overall interests of the society, allow withdrawal of shares:Provided further that such withdrawal of shares at any time shall not exceed five per cent of the aggregate paid-up share capital of the society, excluding Government contributions, as it stood on the 30th June of the preceding year.(4)Irrespective of the nature of liability of a co-operative society the share capital subscribed by the State Government in a co-operative society or by a Central or Apex Co-operative Financing Institution will be retired in such a manner and during such period as may be determined by the Registrar from time to time.[18A. Retirement of shares of individuals who are members of the Central and Apex Co-operative Societies.] [Rule added by the Punjab Government Gazette Notification dated October 14, 1969 (Section 3)] [Section 15-A] - The central and apex societies(having individuals as members) shall retire the shares of individual members in the following manner, namely:-(i)At least one-third of the shares shall be retired every year;(ii)The names of the persons whose shares are to be retired under clause (i) shall be taken in an alphabetical order in Gurmukhi script; and(iii)The payment in respect of shares to retired shall be made in full at one time.
