Section 44 in Tamil Nadu Co-operative Societies Rules, 1988
44. Valuation of share or interest in the capital for the purpose of repayment.
- Where share or interest in the capital is repayable under any of the provisions of the Act, these rules or the bye-laws to any member, or his nominee, heir or legal representative, the value of the share or interest in the capital shall be ascertained in the following manner, namely:-(i)in the case of society with unlimited liability, the actual amount received by the society in respect of such share or interest in the capital from such member; and(ii)in the case of society with limited liability, the amount arrived at by valuation based on the financial position as shown in the latest audited balance sheet of the society subject to the maximum of the actual amount not received by the society in respect of such share or interest in the capital from such member.
