Co-operative Societies Act : Restrictions on interest of member of society with limited liability and a share

Co-operative Societies Act,1912

Act No : 2

Section : Restrictions on interest of member of society with limited liability and a share capital

5. Restrictions on interest of member of society with limited liability and a share capital. Where the liability of the members of a society is limited by shares, no member other than a registered society shall-- (a) hold more than such portion of the share capital of the society, subject to a maximum of one-fifth, as may be prescribed by the rules; or (b) have or claim any interest in the shares of the society exceeding one thousand rupees.