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State of Himachal Pradesh - Section

Section 18 in Himachal Pradesh Co-Operative Societies Rules, 1971

18. Procedure for calculating the value of the share or interest of a member.

(1)Where a Co-operative Society has to make a refund of the value of a share, under the Act and the rules, the value of the share shall be deemed to be equal to the amount paid up on the share:Provided that where a portion of the assets is estimated to be bad or doubtful in the latest audited balance-sheet, and is not covered by funds created out of profits, the managing committee may, for the purpose of such payment, reduce the value of the share in the same proportion as the aggregate amount of assets which are not bad and doubtful less the amount of outside liabilities, bears to the paid up share capital :[Provided further that the member affected shall be given an opportunity of being heard before the reduction of the value of the share as contemplated in the first proviso is made.] [Amended on 20th June, 1981 and 8th August, 1981.]Explanation to the Proviso
Value of each share to be refunded.  
(Total assets-Bad and doubtful assets)-Outsideliabilities x Face value of a share
Total amount of share capital paid up
(2)Where a transfer of share or interest is made, the value of the share or interest shall be deemed to be the sum actually paid by the member for the acquisition of such share or interest.