Section 9 - Amendment of section 26 - Multi-State Co-operative Societies (Amendment) Act, 2023

Amendment of section 26. 9. In section 26 of the principal Act, (i) in the proviso, the words be entitled to subscribe the shares of such society or shall be omitted; (ii) after the proviso, the following provisos shall be inserted, namely: 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. .