Section 31 in Goa Co-operative Societies Rules, 2003
31. Procedure to reduce share capital.
(1)A society may reduce its share capital by passing a resolution in the general body by three-fourth majority of the members present in the meeting, if the accumulated losses are in excess of its tangible assets.(2)The paid up share capital may be reduced either by reducing the face value of the shares or converting the existing shares into partly paid shares:Provided that reduction in Government share capital in a society shall be only with the prior permission of the Government.
