Section 318

(1) Where a person ceases to be a member of a co-operative farming society, the value of the land contributed by such outgoing member but which is not given back to the member for reasons provided in Section 82, shall, for the purpose of exchange of land with the land of the society or for payment of compensation to the said outgoing member be the amount as may be agreed upon between the outgoing and the farming society: Provided that where the mutually agreed amount exceeds the amount as calculated in the manner laid down in Sub-rule (2), sanction of the Registrar shall be necessary before exchange of land or payment of cash compensation, as the case may be. (2) For the purpose of Sub-rule (1) the value of bhumidhar land shall be thirty-five times the valuation at hereditary rates or seventy times the land revenue payable in respect of such land whichever is greater, and in case of sirdari land it shall be fifteen times of such valuation: Provided that where the land revenue paid in respect of the bhumidhar or sirdari land is less than the valuation at hereditary rates, an addition of an amount equal to ten times the difference between the valuation and the land revenue in case of bhumidhar land and five times such difference in case of sirdari land, shall be added to he value.