Clause 27
Repeal and re-enactment of section 43
of Co-operative Societies (Amendment) Bill
BillNot in forceProvision 27 of 67
Clause 27
Section 43 of the principal Act is repealed and the following section substituted therefor:“Restriction on shareholding43.—
(1)
Except as provided in subsection (2), a member cannot hold more than 20% of the share capital of a society.
(2)
A member may hold more than 20% of the share capital of a society, if the Registrar grants written approval for that society to issue more than 20% of its share capital to that member.
(3)
This section does not apply to a member that is a society or a trade union.”.