28. Restrictions on holding of shares. - In any society, no member, other than the Government, or any other society, or with the previous sanction of the State Government, a Zilla Parishad constituted under the Maharashtra Zilla Parishads and Panchayat Samitis Act, 1961, shall- (a) hold more than such portion of the total share capital of the society (in no case Exceeding one-fifth thereof) as may be prescribed, or (b) have or claim any interest in the shares of the society exceeding twenty thousand rupees:
Provided that the State Government may, by notification in the Official Gazette, specify in respect of any class of societies a higher or lower maximum than one-fifth of the Share capital or, as the case may be, a higher or lower amount than twenty thousand rupees.
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