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of <h1>Amendment to Section 26: Nominal or associate members can now receive non-voting shares, with restrictions on management and voting rights.</h1> Section 26 of the Multi-State Co-operative Societies Act, 2023, has been amended to omit the entitlement of certain members to subscribe to shares. New provisos allow nominal or associate members to be issued non-voting shares, which do not grant management rights, voting rights, eligibility to be elected as a director, or participation in general body meetings. For multi-State co-operative banks, the issuance of such shares must comply with Reserve Bank instructions.
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