In section 27 of the Maharashtra Co-operative Societies Act, 1960 (hereinafter referred to as "the principal Act"), for sub-section (3), the following sub-sections shall be substituted, namely :-
"(3) A society, which has invested any part of its funds in the shares of any federal society, may appoint one of its members to vote on its behalf in the affairs of that federal society; and accordingly such member shall have the right to vote on behalf of the society :
Provided that, any new member society of a federal society shall be eligible to vote in the affairs of that federal society only after the completion of the period of three years from the date of its investing any part of its fund in the shares of such federal society :
Provided further that, where the election is to a reserved seat under section 73-B , no person shall have more than one vote.
(3A) An individual member of a society shall not be eligible for voting in the affairs of that society for a period of two years from the date of his enrolment as a member of such society.".
#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon