Multi-State Co-Operative Societies Act, 2002

Section - 35 - Redemption of shares

[Redemption of shares.

35. (1) The shares of the authorities referred to in clauses (c) and (d) of sub-section (1) of section 25, held in multi-State co-operative societies,-

(a)	-	shall not be redeemed without the prior approval of such authorities; and
(b)	-	may be redeemed in such manner as may be agreed upon between the multi-State co-operative society and such authorities.

(2) The shares held in a multi-State co-operative society by any of the authorities referred to in clauses (e) to (g) of sub-section (1) of section 25, shall be redeemed in accordance with the bye-laws of such multi-State co-operative society and in case, where the bye-laws do not contain any provision, in such manner as may be agreed upon between the multi-State co-operative society and such authorities.

(3) The redemption of shares referred to in sub-sections (1) and (2), shall be on the face value of shares.]