Section 116 in West Bengal Co-operative Societies Rules, 2011
116. Restriction on interest of a Member of a Society with Limited liability and shares.
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 hold more than such portion of the share capital, of the Co-operative society as may, subject to the maximum of one fifth of the share capital of the society be prescribed in the bye-laws of the Co-operative society.[Provided that in case of societies under co-operative credit structure entity, the State Government shall not subscribe for more than twenty five per centum of the total share capital and the State Government or the society shall have the option to reduce the share capital contributed by the State Government.] [Proviso added by Serial No. (23) of the Notification No. 3857-Co-op./H/2R-09/2012. dated 26th December, 2012, w.e.f. 1.2.2013.]
