Section 26 - Nominal or associate member of society. - Multi-State Co-Operative Societies Act, 2002

Nominal or associate member of society . 26. A multi‑State co‑operative society may, if provided in its bye‑laws, admit a person as nominal or associate member: Provided that no such nominal or associate member shall 1 [ **** ] have any interest in the management thereof including right to vote, elect as a director of the board or participate in the general body meetings. 2 [ Provided further that nominal or associate member can be issued non-voting shares which may not confer any interest in the management of the multi-State co-operative society including right to vote, to be elected as a director of the board or participate in the general body meetings: Provided also that in case of multi-State co-operative bank, such shares shall be issued in accordance with the instructions issued by the Reserve Bank from time to time. ] **************** NOTES:- 1. Omitted vide THE MULTI-STATE CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2023 dated 03-08-2023 before it was read as, be entitled to subscribe the shares of such society or 2. Inserted vide THE MULTI-STATE CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2023 dated 03-08-2023