Return of shares

Without prejudice to the provisions for liability under Section 25, and for charge and set-off under Section 41, a co-operative society may, under Sub-section (3) of Section 23, return the shares of- (i) a member mentioned in any of the Clauses (b) to (h) of Sub-section (1) of Section 17 according to the terms and conditions of share-participation agreed to between the society and such member at the time of admission to membership; (ii) a member in a salary earners co-operative society in the event of transfer of such member from the area of operation of the society or on cessation of his service by virtue of which he held membership of the society; (iii) a member of a co-operative society organized in an educational institution, if the member ceases to be a student or a member of the staff of the institution by virtue of which position he was holding membership of the society; (iv) a member of a co-operative society, if he has ceased to be a shareholder on account of adjustment of his membership to any other class under Sub-rule(c) of Rule 44 or if he has been removed from membership under Sub-rule (a) of Rule 51.