Section 15 in Multi-State Co-Operative Societies (Registration, Membership, Direction & Management, Settlement of Disputes, Appeal & Revision) Rules, 1985
15. Procedure of Ascertaining The Value of Share Or Interest of A Member.
- Where the member of a Multi-State Co-operative Society ceases to be a member thereof, the sum representing the value of his share or interest in the capital of the Multi-State Cooperative Society to be paid to him or his nominee, or heir or legal representative, as the case may be, shall be ascertained in the following manner, namely :-(i)In the case of a Multi-State Co-operative Society with unlimited liability, it shall be the actual amount received by the Multi-State Co- operative Society in respect of such share or interest ;(ii)In the case of a Multi-State Co-operative Society with limited liability, it shall be the amount arrived at by the valuation based on the financial position of such society as shown in the last audited balance sheet preceding cessation of membership:Provided that the amount so ascertained shall not exceed the actual amount received by the Multi-State Co-operatives Society in respect of such share or interest.
