Section 22 in Jammu and Kashmir Co-Operative Societies Act, 1989
22. Restrictions on holding of shares.
- In any Co-operative Society no member other than the Government or any other Co-operative Society shall(a)hold more than such portion of the total share capital of the Society not exceeding one-fifty thereof as may be prescribed; or(b)have or claim any interest in the shares of the Society exceeding one thousand rupees:Provided that where the Society is a financing bank, a member may have or claim an interest in the shares of the Society not exceeding five thousand rupees:Provided further that the Government may, by notification in the Government Gazette, specify in respect of any class of Co-operative Societies a higher maximum than one-fifty of the share capital or a higher amount than five thousand rupees, as the case may be.
