Mihir Joglekar 12 July 2017
Dear Sir / Madam,
Good Morning,
The undersigned is Active Member of Cooperative Housing Society located at suburb of Pune, MH. Currently each member is holding 5 Shares of Rs. 50 / each. Do we need to enhance our Share Holding from 5 Shares to 10 Shares as recent Amendments in MCS Act & Bye Laws ? If yes then what is the procedure & time frame for the same.
Kindly Advice.
Thanks & Regards,
Mihir Joglekar
Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 12 July 2017
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Multi-State Cooperative Societies Act 24. Restrictions on holding of shares.- No member, other than any of the authorities referred to in clauses (c) to (g) of sub-section (1) of section 19 or a multi-State cooperative society or a cooperative society, shall hold more than such portion of the total share capital of the society (in no case exceeding one-fifth thereof) as may be prescribed; Provided that the Central Government may, by notification, specify in respect of any class of societies a higher or lower maximum than one-fifth of the share capital. |
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