Section 20 in The Chhattisgarh Co-operative Societies Rules, 1962
20. Procedure for ascertaining the value of share or interest of a member.
- Where the member of a society ceases to be a member thereof, the sum representing the value of his share, or interest in the capital of the society to be paid to him or his nominee, heir, or legal representative, as the case may be, shall be ascertaining in the following manner, namely-(i)in the case of a society with unlimited liability, it shall be the actual amount received by the society in respect of such share or interest;(ii)in the case of a society with limited liability, it shall be the amount arrived at by a valuation based on the financial position of the society as shown in the last audited balance sheet preceding the cessation of membership:Provided that the amount so ascertained shall not exceed the actual amount received by the society in respect of such share or interest.
