Amendment status not verified — confirm the current text below against the official source.
Where the liability of a member of a co-operative society is limited by shares, no member other than the State Government or another co-operative society shall— (a) hold more than such portion of the share capital of the society as may, subject to a maximum of one-fifth, be prescribed; or (b) have or claim any interest in the shares of the society exceeding five thousand rupees: Restrictions on interest of members of society with limited liability and share capital. 197 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act (Chapter VII.—Eligibility for membership of co-operative societies, and privileges, liabilities and obligations of members of co-operative societies.—Sections 68-70.) Provided that the State Government may, by notification in the Official Gazette, raise in respect of any co-operative society or class of co-operative societies and to such extent, as may be specified in the notification, the maximum limit of share capital referred to in clause (a) or the maximum limit of interest referred to in clause (b). Restrictions on transfer of share or interest. Nomination of transferee. Disposal of deceased member's share or interest.