Section 52(1) in The Chhattisgarh Co-Operative Societies Act, 1960
(1)Where the State Government has subscribed to the share capital of a co-operative society, the State Government, as the case may be, or any person, authorized by the State Government, shall have right to nominate in the Board of Directors, such number of persons, as its member on the following basis, namely:-(a)where the total amount of issued equity share capital held by the State Government is less than twenty-six per cent of the total issued equity share capital, one member of the Board of Directors;(b)where the total amount of issued equity share capital held by the State Government is twenty-six per cent or more but less than fifty one per cent. Of the total issued equity share capital, two members of the Board of Directors;(c)where the total amount of issued equity share capital held by the State Government is fifty-one per cent or more of the total issued share capital, three members of the Board of Directors:Provided that the number of such nominated persons shall not exceed one-third of the total number of members of the Board of Directors:Provided further that where the State Government has guaranteed the repayment of Principal and Payment of interest on debentures issued by a Co-operative society or has guaranteed the repayment of Principal and payment of interest on loans and advances to a Co-operative society or has given any assistance by way of grants or otherwise to a Co-operative Society, the State Government as the case may be, or any person authorized by the State Government, shall have the right to nominate person on the Board of Directors of such a society in the manner as may be prescribed.
