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Section 24: Restriction on holding of share capital by a member

Madhya Pradesh Co-Operative Societies Act, 1960State Act of Madhya Pradesh · Act 17 of 1960

In any society, no member, other than the State Government or any other society, shall-

(a) hold more than such portion of the total share capital of the society not exceeding one-fifth thereof as may be prescribed; or

(b) have or claim any interest in the shares of the society exceeding (twenty thousand) rupees:

Provided that the State Government may, by notification, specify in respect of any class of societies a maximum exceeding one-fifth of the share capital or (twenty thousand) rupees, as the case may be.

25. Restrictions on transfer of shares or interest.(1) The transfer of a share or interest of a member in the share capital of a society shall be subject to the restrictions as to the maximum holdings specified in section 24.

(2) No transfer by a member of his share or interest in a society shall be valid unless-

(a) the member has held such share or interest for not less than one year;

(b) the transfer is made to the society or to a member of the society;

and

(c) the transfer is approved by the Committee.

Where this provision sits

ActMadhya Pradesh Co-Operative Societies Act, 1960
Section24
Marginal noteRestriction on holding of share capital by a member
JurisdictionState of Madhya Pradesh
StatusIn force as published by the source

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