Section 23(1) in The Tripura Co-operative Societies Rules, 1976
(1)Where a member of a society ceases to be a member thereof, the sum representing the value of his share or interest in the share capital of the society to be paid to him or his nominee, heir or legal representative, as the case may be, shall be ascertained in the following manner, namely:(i)in the case of a society with unlimited liability, it shall be the actual amount received by the society in respect of such share or interest;(ii)in the case of a society with limited liability, it shall be the amount arrived at by a valuation based on the financial position of the 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 society in respect of such share or interest.
