Section 18(4) in The Punjab Co-operative Societies Rules, 1963
(4)Irrespective of the nature of liability of a co-operative society the share capital subscribed by the State Government in a co-operative society or by a Central or Apex Co-operative Financing Institution will be retired in such a manner and during such period as may be determined by the Registrar from time to time.[18A. Retirement of shares of individuals who are members of the Central and Apex Co-operative Societies.] [Rule added by the Punjab Government Gazette Notification dated October 14, 1969 (Section 3)] [Section 15-A] - The central and apex societies(having individuals as members) shall retire the shares of individual members in the following manner, namely:-(i)At least one-third of the shares shall be retired every year;(ii)The names of the persons whose shares are to be retired under clause (i) shall be taken in an alphabetical order in Gurmukhi script; and(iii)The payment in respect of shares to retired shall be made in full at one time.
