Section 5 of the Co-operative Societies Act, 1912 – Restrictions on interest of member of society with limited liability and a share capital

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Section 5: Restrictions on interest of member of society with limited liability and a share capital

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

Source: official text of The Co-operative Societies Act, 1912 as published on India Code (PDF). All sections of the Co-operative Societies Act, 1912.

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