Mihir Joglekar 12 July 2017

Share holding in chs

Dear Sir / Madam,

Good Morning,

The undersigned is Active Member of Cooperative Housing Society located at suburb of Pune, MH. Currently each member is holding 5 Shares of Rs. 50 / each. Do we need to enhance our Share Holding from 5 Shares to 10 Shares as recent Amendments in MCS Act & Bye Laws ? If yes then what is the procedure & time frame for the same.

Kindly Advice.

Thanks & Regards,

Mihir Joglekar

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Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 12 July 2017

Multi-State Cooperative Societies Act

24. Restrictions on holding of shares.-

No member, other than any of the authorities referred to in clauses (c) to (g) of sub-section (1) of section 19 or a multi-State cooperative society or a cooperative society, shall hold more than such portion of the total share capital of the society (in no case exceeding one-fifth thereof) as may be prescribed;

Provided that the Central Government may, by notification, specify in respect of any class of societies a higher or lower maximum than one-fifth of the share capital.