Section 35 - Redemption of shares - Multi-State Co-Operative Societies Act, 2002

1 [ 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. ] **************** NOTES:- 1. Substituted vide THE MULTI-STATE CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2023 dated 03-08-2023 before it was read as, Redemption of shares . 35. (1) Shares held in a multi‑State co‑operative society by any of the authorities referred to in clauses ( c ) to ( g ) of sub‑section (1) of section 25 shall be redeemable in accordance with the bye‑laws of such multi‑State co‑operative society and in a case where the bye‑laws do not contain any provision in this regard, in such manner as may be agreed upon between the multi‑State co‑operative society and such authority. (2) The redemption of shares referred to in sub‑section (1) shall be on the face value of the shares.