Section 77 in The West Bengal Co-Operative Societies Act, 1983
77. Restrictions on interest of members of co-operative society with limited liability and share capital. -
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-(a)hold more than such portion of the [paid-up] [Word inserted by West Bengal Act 21 of 1990.] share capital of the co-operative society as may, subject to a maximum of one-fifth, be prescribed; or(b)have or claim any interest in the form of dividend, profit or return with respect to the share of the co-operative society exceeding five thousand rupees:Provided that the State Government may, by notification, raise in respect of any co-operative society or any class of co-operative societies and to such extent as may be specified in the notification the maximum limit of share capital referred to in clause (a) or the maximum limit of interest referred to in clause (b).
