Amendment status not verified — confirm the current text below against the official source.
Restrictions on holding of shares:- No member other than the Government, A public sector undertaking or a co-operative society shall, hold more than such portion of the share capital of a co-operative society, as may be prescribed, which in no case shall exceed one-tenth of the share capital: [Provided that in case of Urban Co-operative Bank (UCB), shareholding of an individual member, in no case, shall exceed five percent of the share capital:; and] 3[Provided further that] in the case of milk producers co-operative society engaged in the marketing of such other perishable commodity, as may be notified by the Government, from time to time, in this behalf (hereinafter referred to as 'society dealing in notified commodity’) registered after the commencement of the Punjab Co-operative Societies (Amendment) Act, 1978, no members shall have or claim any interest in the shares of such society exceeding one thousand rupees.] SECTION - 7