Amendment status not verified — confirm the current text below against the official source.
Restriction of holding of shares :– In any Society no member belonging to the category mentioned in Clause (a) of Sub-Section (1) of Sec- tion 16 shall– (a) hold more than such portion of the total share capital of the Soci- ety not exceeding one-tenth 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, specify in re- spect of any class of Societies a higher maximum than one-tenth of the share capital or a higher amount than five thousand rupees, as the case may be.