Section 27 in The Delhi Co-operative Societies Rules, 2007
27. Valuation of shares.
(1)Where a member of a co-operative society ceases to be a member thereof, the sum representing the value of his share or interest in the share capital of the co-operative society to be paid to him or his nominee, heir, or legal representative, as the case may be, shall be the amount arrived at by a valuation based on the financial position of the cooperative society as shown in the last audited balance-sheet preceding the cessation of membership:Provided that the amount so ascertained shall not exceed the actual amount received by the cooperative society in respect of such share or interest.(2)Where a person is allotted a share by a co-operative society, the payment required to be made, therefore, shall not exceed the face value of the share notwithstanding anything contained in the bye-laws of the cooperative society.(3)When a share is transferred by a member to another member duly admitted as a member of a co-operative society, the transferee shall not be required to pay anything in excess of the value of the share determined in accordance with sub-rule (1).
