Amendment status not verified — confirm the current text below against the official source.
In any society, no member other than the State Government or any other society and agencies that may be authorised by the State Government shall-— (a) hold more than such portion of the total share capital of the society (in no case 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 State Government may, by notification in the ()ll‘icial Gazette, specify in respect of any class of societies :1. higher or lower maximum than one-fifth of the share capital or, as the case may be, a higher or lower amount than five thousand rupees.