Section 77

(1) Where a member of a co-operative society ceases to be such member, the value of his share or interest in the share capital of the society to be paid to him or his nominee, heir or legal representative, as the case may be, shall be equal to the actual amount paid by the member to the society. (2) Where a person is allotted a share by a co-operative society or where a share is transferred by a member of a co-operative society and such transfer is approved by the Committee of Management of the society, payment required to be made in respect of such allotted or transferred share shall not exceed the face value of the share.