Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.22 of 2001. Member not to exercise rights till payments are made. Vote and manner of its exercise. [Act No.7 of 1964] 49 115[(1-A) A member of a society shall be eligible to exercise the right to vote only if he:- 116[(a) contributes a minimum share capital and conducts minimum business transaction as may be prescribed; 117[(b) [xxx]] (c) is a member of the society for a continuous period of one year or more as may be prescribed;] (d) is not in default in the payment of any amount due in cash or kind to the society for such period as may be prescribed;] 118[(e) is not a member of the committee superseded under the relevant provisions of this Act; (f) he/she was a member of the committee which failed to make arrangements for conduct of elections to the society as per the provisions of this Act.] (2) 119[xxx] Every person nominated to the committee by the Government, or where the financing bank is member, every person representing such financing bank, shall have one vote: