Section 15(3) in The Maharashtra Cooperative Societies Rules, 1961
(3)For the purpose of determining the claims of a member under clause (b) of sub-section (4) of Section 16, the value of a share of a member in a society shall be ascertained as follows: -(a)In the case of a society with unlimited liability, the value of a share shall be the actual amount received by the society in respect of such share;(b)In the case of a society with limited liability, the value of a share 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, provided that it shall not exceed the actual amount received by the society in respect of such share.
