State Act

The Maharashtra Co-operative Societies Act, 1960

144-5A. Prohibition on accepting deposit from non-members.— Notwithstanding anything contained in any Act, a non-agricultural co-operative credit society shall not accept deposit from any person who is not its member. If any society which has accepted deposit from non-members, before the date of commencement of the said Amendment Act, 2017, it shall either enroll them as members or refund deposits of all non-members within two years from commencement of the said Amendment Act, 2017: 1[Provided that, the salary earners’ credit co-operative society may accept deposits voluntarily from their members after their retirement by enrolling them as nominal members.] Explanation.— For the purposes of this section, “member” does not include nominal member.