Section 11 in The Assam State Co-operative Agriculture and Rural Development Bank Limited
11. Withdrawal of share when permissible.
- No member shall e permitted to withdraw any share before the expiry of five years from the date of his membership :Provided that Board may consider withdrawal within this period if the member is dead, or the Board feels that refusal of withdrawal shall cause undue hardship to the member. After such period a member may withdraw' shares with the consent of the Board.Withdrawals in all cases shall be subject to the conditions that-(a)Notice of withdrawal is delivered by the member or his legal heir or a duly constituted nominee to the Executive Director of the Bank at least two month before the date of withdrawal; and(b)The total amount of share capital permitted to be withdrawn in any years does not exceed 5 percent of the aggregate paid-up share capital of the Bank as it stood on the last day of the next preceding Co-operative years; and(c)There is no debt owing to the Bank from the member or from any other person for whom he stood surety.
