Section 23 in The Orissa Co-operative Societies Rules, 1965
23. Disposal of share and interest.
(1)When a member-Society is ordered to be wound up under Section 72, its membership shall cease at once. The value of share or interest in the Society shall be refunded to the member-Society or its Liquidator after adjusting the dues payable, if any. If the dues payable by the member-Society are more than the value of the share or interest it should adjusted and action shall be taken for recovery of the excess.(2)When member is expelled [* * *] [Deleted vide Orissa Gazette Extraordinary No 500, dated 23.4.1997.] the value of his share or interest in the Society shall be paid to him after deducting any dues payable by him to the Society.(3)(i)Subject to the provisions of the Act, the Rules and the Bye-Laws of the Society, a member may withdraw or resign from the Society after giving 3 months notice to the Secretary of the Society of his intention to resign from membership of his Society.(ii)No resignation of a member shall be accepted unless the member has paid in full his duties, if any, to the Society and has also cleared his liability, if any, as surety for any other member.(iii)Any member, whose resignation has been accepted by the Society may demand refund of the share capital held by him. The Society shall, subject to the provision of the rules and Bye-Laws, refund the amount to the said member.(4)(i)A member of Society may nominate in writing any person to whom or to whose credit the share or interest or the value of such share or interest shall, on his death, be paid or transferred under the provision of the Act : Provided such member may from time to time revoke or vary such nomination in writing.(ii)Such nomination shall, in the event of his death, be given effect to by Society provided that -(a)the nomination in writing has been signed by the deceased in the presence of at least two witnesses, attesting the same;(b)the nomination has been registered in the books of the Society kept for the purpose.(iii)The number of persons who may be nominated by a member shall not exceed the number of shares held by him.(iv)When member nominates more than one person in respect of any share held by him he shall as far as practicable specify the amount to be paid or transferred to such nominee in terms of a whole share.(v)The nominee, heir or legal representative may become a member only if admitted by the Committee.(vi)If the nominee or heir or legal representative does not want to become a member or is refused membership, the value of the share or the interest payable to him shall be paid after adjusting all moneys due from the deceased member.(5)Where a member ceases to be as such under Sub-Section (2) of Section 16-A the value of his share or interest in the Society shall be paid back to him after adjusting all moneys due from him.(6)Until the share or shares are refunded, the dividend shall accrue on it and shall be paid to the member or others as mentioned in Sub-rules (1) to (5) above.(7)The value of the share or interest to be refunded under Sub-rules (1) to (5) above shall be ascertained in the manner provided under Rules 24 and 25.(8)Total refund of share capital by a Society in a Co-operative Year under Sub-rules (1) to (5) above shall not exceed 10 per cent of its total paid-up share capital.
