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Section 20: Procedure for ascertaining the value of share or interest of a member

Madhya Pradeh Co-Operative Society Rules, 1962State Rules of Madhya Pradesh · 1960

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 l iabil i ty, i t shall be the actual amount received by the society in respect of such share or interest;

( i i) in the case of a society with l i mited l iabil i ty, i t shall be the amount arrived at by a valuation based on the financial posit ion 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 .

19

Where this provision sits

ActMadhya Pradeh Co-Operative Society Rules, 1962
Section20
Marginal noteProcedure for ascertaining the value of share or interest of a member
JurisdictionState of Madhya Pradesh
StatusIn force as published by the source

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