Section 24 in The Orissa Co-operative Societies Rules, 1965
24. Procedure for calculating the value of the share or interest of a member.
(1)Where a Society has to make a refund of the share or interest, the value of the share shall be deemed to be equal to the amount actually paid up the share, provided that where a portion of assets is estimated to be paid in the latest audited balance-sheet and is not covered by funds created out of the profits, the committee may, for the purpose of such payment reduce the value of the share in the same proportion as the aggregate amount of the assets which are not bad, less the amount of outside liabilities bears to be paid-up share capital.(2)Where a transfer of share or interest is to be 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.(3)In case the member or his nominee or legal representative is not satisfied with valuation of the Committee, he may file a dispute before the Registrar.
