Section 5
Restrictions on interest of member of society with limited liability and a share capital.
The Co-operative Societies Act, 1912
About this Act
An Act to amend the Law relating to Co-operative Societies
Where
the liability of the members of a society is limited by shares, no member other than a registered society
shall—
(a) hold more than such portion of the share capital of the society, subject to a maximum of onefifth, as may be prescribed by the rules; or
(b) have or claim any interest in the shares of the society exceeding one thousand rupees
(a) hold more than such portion of the share capital of the society, subject to a maximum of onefifth, as may be prescribed by the rules; or
(b) have or claim any interest in the shares of the society exceeding one thousand rupees