Section 29(3) in The Maharashtra Co-Operative Societies Act, 1960
(3)Notwithstanding anything contained in sub-sections (1) and (2), where a member is allowed to resign, or is expelled, or ceases to be a member on account of his being disqualified by this Act or by the rules made thereunder or by the bye-laws of the society, the society may acquire the share or interest of such member in the share capital by paying for it at the value determined in the manner prescribed provided that the total payment of share capital of a society in any financial year for such purposes does not exceed ten per cent of the paid-up share capital of the society on the last day of the financial year immediately preceding.Explanation. - [I] [The Explanation was renumbered as Explanation I and Explanation II was added by Maharashtra 33 of 1963, Section 6.] The right to forfeit the share or interest of any expelled member in the share capital by virtue of any bye-laws of the society, shall not be affected by the aforesaid provision.[Explanation. II In this section, the expression 'financial year' means the year ending on the [31st day, of March] [The Explanation was renumbered as Explanation I and Explanation II was added by Maharashtra 33 of 1963, Section 6.] or, in the case of any society or class of societies the accounts of which are with the previous sanction of the Registrar balanced on any other day, the year ending on such day.]
