In any society, 9[no member, other than the Government, or any other society, or with the previous sanction of the State Government a Zilla Parishad constituted under the Maharashtra Zilla Parishads and Panchayat Samitis Act, 1961 (Mah. V of 1962), shall—]
(a) hold more than such portion of the total share capital of the society (in no case exceeding one-fifth thereof) as may be prescribed, or
(b) have or claim any interest in the shares of the society exceeding 10[twenty thousand rupees]:
1 These words were inserted by Mah. 33 of 1963, s. 5.
2 The word “associate” was deleted by Mah. 27 of 1969, s. 8(c).
3 The words “or sympathiser” were deleted by Mah. 16 of 2013, s. 16(d).
4 These words were added by Mah. 27 of 1969, s. 8(c).
5 Sub-section (9) was substituted by Mah. 7 of 1997, s. 5.
6 Sub-sections (10) and (11) were added by Mah. 3 of 1974, s. 6.
7 This portion was substituted for the portion beginning with the words “In the case of” and ending with the words, “of the society” by Mah. 16 of 2013, s. 16(e).
8 Sub-section (12) was deleted by Mah. 16 of 2013, s. 16(f).
9 This portion was substituted for the words “no member other than the State Government or any other society, shall—” by Mah. 27 of 1969, s. 9.
10 These words were substituted for the words “five thousand rupees” by Mah. 20 of 1986, s. 16.
34 The Maharashtra Co-operative Societies Act, 1960 [1961 : Mah. XXIV
Provided that the State Government may, by notification in the Official Gazette, specify in respect of any class of societies a higher or lower maximum than one-fifth of the share capital or, as the case may be, a higher or lower amount than 1[twenty thousand rupees.]