Restrictions on holding of shares

In any society, 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, shall

1. (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
2. (b) have or claim any interest in the shares of the society exceeding twenty thousand rupees: 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 2twenty thousand rupees.