Our madhuvan co operative society was registered in 1961 and know as DELHI OFFICERS CO OP?HOUSE BUILDING SOCIETY LTD.
We paid demands raised from time to time as funds were required to develop roads, parks etc.etc.
I think around 45 lacs was collected and total plots are 225.
In eighties services were handed over to MCD Delhi and members wanted to know price of their share.
There after, land was allotted for community centre and funds were raised to build and furnish CC.
But share price never worked out.
My question is...
Is it statuary requirement to work out share value since assets increase or decrease every year.
Now our member strength is 147 against 225 as some members died but no family member applied for membership.
Is society competent to terminate membership...if so what procedure is to be adopted and what payment is to be paid to kith and kin of members whose membership has been terminated.
Kindly advise in view of position thus explained above
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