Section 297(1) in The U.P. Co-operative Societies Rules, 1968
(1)Where a person ceases to be a member of a co-operative farming society, the value of the land contributed by such outgoing member but which land is not given back to the member for reasons provided in Section 82, shall, for the purpose of exchange of land with the land of the society or for payment of compensation to the said outgoing member, be the amount as may be agreed upon between the outgoing member and the farming society:Provided that where the mutually agreed amount exceeds the amount as calculated in the manner laid down in sub-rule (2), sanction of the Registrar shall be necessary before exchange of land or payment of cash compensation, as the case may be.
