Section 50A(1) in The Bihar Co-operative Societies Rules, 1959
(1)Subject to the provision of the Act and the Rules, a Cooperative Society may reduce its share capital according to the scheme approved by the Registrar and adopted by the general body of the society in a General Meeting. Such a scheme may provide for-(i)extinguishing or reducing the liability on any of its shares in respect of share capital not paid-up, or(ii)cancelling any paid-up share capital, or(iii)paying back any paid-up share capital which is in excess of the need of the society.]
