Section 3 in The Assam Co-operative Societies Rules, 1953
3. Restriction on acquisition of shares in society.
- Where the liability of members is limited by shares, no member other than a registered society shall-(a)hold more than such portion of the share capital of the society, subject to a maximum of one fourth, as may be prescribed by the bye-laws of the society, or(b)have or claim any interest in the shares of the society exceeding five thousand rupees; provided that if the society is a Housing Society or a wholesale society for procurement and distribution of any article or any special type of society, a member may have or claim an interest in the shares of the society, not exceeding Rs. 25,000. In such cases, the Registrar will decide whether the maximum limit of share allowed to an individual member should be Rs. 25,000 or less and his decision shall be final.
