Sri Lanka Consolidated Acts

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Co-operative Societies (Amendment) Act (No. 11 of 1992) - Sect 9

Amendment of section 11 of the principal enactment

9. Section 11 of the principal enactment is hereby amended as follows:"
(1) by the insertion immediately after subsection (1) thereof of the following new subsection:"
(1A) Where the liability of members of a society is limited, no member other than a registered society shall hold such portion of the share capital of the society, subject to a maximum of one-fifth as may be prescribed by the rules."; and
(2) by the substitution in subsection (2) for the words and figures " of any scheduled agricultural product under the Agricultural Products (Guaranteed Prices and Control of Hulling and Milling Act, No. 33 of 1961 ", of the words " of any scheduled agricultural product as an agent of the Paddy Marketing Board ".


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