Section 28 in The Manipur Co-operative Societies Act, 1976
28. Restrictions on holding of shares.
- In any society, no member other than the State Government or any other society and agencies that may be authorised by the State Government shall-(a)hold more than such portion of the total share capital of the society (in no case exceeding one-tenth thereof) as may be prescribed, or(b)have or claim any interest in the shares of the society exceeding five thousand rupees:Provided that the 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 five thousand rupees.
