28.Restrictions on holding of shares
In any society, 4[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—]
(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 5[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 5[twenty thousand rupees.]
