Section 24 in The M.P. Co-Operative Societies Act, 1960
24. Restriction on holding of share capital by a member.
- In any society, no member, other than the State Government or any other society, shall-(a)hold more than such portion of the total share capital of the society not exceeding one-fifth thereof as may be prescribed; or(b)have or claim any interest in the shares of the society exceeding [twenty thousand] [Substituted by M.P. Act No. 12 of 1994 [w.e.f. 8-5-1994].] rupees:Provided that the State Government may, by notification, specify in respect of any class of societies a maximum exceeding one-fifth of the share capital or [twenty thousand] [Substituted by M.P. Act No. 12 of 1994 [w.e.f. 8-5-1994].] rupees, as the case may be.
