Section 13 - Substitution of new section for section 35 - Multi-State Co-operative Societies (Amendment) Act, 2023

Substitution of new section for section 35. 13 . For section 35 of the principal Act, the following section shall be substituted, namely: 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. .