Section 70 in The U.P. Co-operative Societies Rules, 1968
70.
Subject to the provisions of the Act and the rules, a Central Co-operative Society may reduce its share capital according to a scheme approved by the Registrar and adopted by the general body of the society in a general meeting specially called for the purpose. Such a scheme may provide for-(i)extinguishing or reducing the liability on any of its shares in respect of share capital not paid up, or(ii)cancelling and paid-up share capital, or(iii)paying back any paid-up share capital which is in excess of the need of the Central Society.
