Amendment status not verified — confirm the current text below against the official source.
(1) In any society no member other than the Government, any statutory or non-statutory Board, Committee or Corporation approved by the Government in this behalf or any other society, shall hold more than such portion of the total share capital of the society, not exceeding one fifth thereof, as may be prescribed: Provided that the Government may, by notification in the gazette, specify in respect of any class of societies a higher maximum than one fifth of the share capital] [Provided further that the maximum amount of share capital that an individual member can hold in an Urban Co-operative Bank having Reserve Bank of India licence is limited to five per cent of the value of total paid-up share capital of the bank.] Substituted by Act 1 of 2000 w.e.f. 1-1-2000 for " Restriction on holding shares: In any society no member other than the Government, any statutory or non-statutory Board, Committee or Corporation approved by the Government in this behalf or any other society, shall-- (a) hold more than such portion of the total share capital of the society not exceeding one fifth thereof, as may be prescribed; or (b) have or claim any interest in the shares of the society exceeding five thousand rupees. Provided that the Government may, by notification in the Gazette, specify in respect of any class of Societies a higher maximum than one fifth of the share capital or a higher amount than five thousand rupees, as the case may be. Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024).