Section 116A in West Bengal Co-operative Societies Rules, 2011
116A. Disposal of deceased Member's share or interest and procedure for calculation of value of shares.
(1) Where a co-operative society has to make a refund of the value of a share, the value of the share shall be deemed to be equal to the amount paid upon the share :Provided that where a portion of the assets is estimated to be bad or doubtful in the latest audited balance sheet, and is not covered by funds created out of profits, the Board may, for the purpose of such payment, reduce the value of the share, in the same proportions as the aggregate amount of assets which are not bad or doubtful, less the amount of outside liabilities, bears to the paid-up share capital.(2)Where a transfer of share or interest is made, the value of the share or i interest shall be deemed to be the sum actually paid by the member for the acquisition of such share or interest.
