Section 50A(1) in Jharkhand Co-operative Societies Rules, 2008
(1)Subject to the provision of the Act and the Rules, a society may reduce its share capital according to the scheme approved by the Registrar and adopted by the general body of the society in a General Meeting. Such a scheme may provide for -(i)extinguishing or reducing the liability on any of its shares in respect of share capital not paid-up or(ii)canceling any paid-up share capital, or(iii)paying back any paid-up share capital which is in excess of the need of the society.
