Section 28 in The Maharashtra Co-Operative Societies Act, 1960
28. Restrictions on holding of shares.
- In any society, [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, shall-] [This portion was substituted for the words 'no member other than the State Government or any other society, shall-' by Maharashtra 27 of 1969, Section 9.](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 9[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 [twenty thousand rupees] [These words were substituted for the words 'five thousand rupees' by Maharashtra 20 of 1986, Section 16.].
