Amendment status not verified — confirm the current text below against the official source.
Withdrawals From Membership:- (1) In a co-operative society with unlimited liability, a member who is not indebted to the co-operative society and is not a surety for an unpaid debt may withdraw from the co-operative society after giving such notice to the secretary of the co-operative society as may be laid down in the bye-laws of the co-operative society. (2) In a co-operative society with unlimited liability a member, who withdraws or otherwise removed or expelled from the co-operative society shall be entitled to repayment, without interest, any money paid by him or his predecessor-in- interest towards the purchase of shares after such period as may be laid down in the bye-laws of the co-operative society. (3) No member of a co-operative society with limited liability shall ordinarily be permitted to seek withdrawals or refund of his shares. Provided that where the society has created a share transfer fund out of its earned profits its managing committee may, keeping in view the over-all interest of the co-operative society, allow withdrawals of shares. Provided further that such withdrawal of shares at any time shall not exceed five percent of the aggregate paid up share capital of the co-operative society, excluding Government contribution as it stood on the thirtieth June of the preceding year. (4) Irrespective of nature of liabilities of a co-operative society the share capital subscribed by the Government or by a central or apex co-operative financing institution will be retired in such manner and during such period as may be determined by the Registrar from time to time. 52 Registrar of Co-operative Societies, Co-operative Department, A&N Islands, VIP Road, Junglighat, Port Blair, PIN-744103 (Contact No.03192232388), 2019. ANDAMAN & NICOBAR GAZETTTE, EXTRAORDINARY, OCT, 16, 1974