Section 24(1) in The Orissa Co-operative Societies Rules, 1965
(1)Where a Society has to make a refund of the share or interest, the value of the share shall be deemed to be equal to the amount actually paid up the share, provided that where a portion of assets is estimated to be paid in the latest audited balance-sheet and is not covered by funds created out of the profits, the committee may, for the purpose of such payment reduce the value of the share in the same proportion as the aggregate amount of the assets which are not bad, less the amount of outside liabilities bears to be paid-up share capital.
