Reduction of share capital

Subject to the provisions of the Act and the Rules, a Central Co-operative Society may reduce its share capital according to a scheme approved by the Registrar and adopted by the General Body of the society in the general meeting specially called for the purpose. 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 and paid-up share capital, or (iii) paying back any paid-up share capital which is in excess of the need of the Central Society.