State Act

The Maharashtra Co-operative Societies Act, 1960

28. Restrictions on holding of shares.— In any society, 9[no member, other than the Government, or any other society, or with the previous sanction of the State Government a Zilla Parishad constituted under the Maharashtra Zilla Parishads and Panchayat Samitis Act, 1961 (Mah. V of 1962), shall—] (a) hold more than such portion of the total share capital of the society (in no case exceeding one-fifth thereof) as may be prescribed, or (b) have or claim any interest in the shares of the society exceeding 10[twenty thousand rupees]: Provided that the State Government may, by notification in the Official Gazette, specify in respect of any class of societies a higher or lower maximum than one-fifth of the share capital or, as the case may be, a higher or lower amount than 1[twenty thousand rupees.]