Section 17 in The Chhattisgarh Co-operative Societies Rules, 1962
17. Withdrawal of a member and refund of share.
(1)Subject to the provisions of the Act and Rules, a member may after giving three months' notice to the society and with the sanction of the committee or the general meeting of the society, as the case may be, withdraw from membership of the society and claim refund of share or shares, if he is not directly or indirectly indebted to the society, either as a principal debtor or as a surety:Provided that such withdrawal or refund is not disallowed under the bye-laws of the society or under an agreement with any other society or the State Government.(2)The society may withhold refund of the value of share or shares under sub-rule (1) till the expiry of two years from the date of withdrawal from membership.(3)The total refund of share capital of the society in any cooperative year shall not exceed ten percent of the paid up share capital of the society on the last day of the co-operative year immediately preceding:Provided that this restriction shall not apply in the case of a society having no outside liabilities or in the case of an indebted society, when the permission of its creditors has been obtained.(4)The restrictions contained in sub-rules (1) to (3) shall not apply to the State Government, if it has subscribed to the share capital of a society, directly or indirectly through any other society, and such share capital shall be retired by the society to the State Government according to the terms of the agreement entered into by the society with the State Government.
