Section 21(1) in The Assam Co-operative Societies Rules, 1953
(1)Where a co-operative society has to make a refund of the value of share or interest of a person who has ceased to be a member under Section 25, the value of the share shall be deemed to be equal to the amount actually paid up on the share; provided that where the position of the assets is estimated to be bad or doubtful in the latest audited balance-sheet and is not covered by funds created for the purpose out of profits, the Managing Committee may, for the purpose of such payment, reduce the value of the share proportionately taking into consideration the assets which are bad or doubtful.
