Section - 26 - Nominal or associate member of society
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 [***] 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:[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.]
1. Words "be entitled to subscribe the shares of such society or" omitted by the Multi-State Co-operative Societies (Amendment) Act, 2023, w.e.f. 3-8-2023.
2. Inserted by the Multi-State Co-operative Societies (Amendment) Act, 2023, w.e.f. 3-8-2023.
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