Section 74March 10, 1990, Sec./Art. 74

Limitation on Share Capital Holdings. - No member of a cooperative other than a cooperative shall own or hold more than twenty per cent (20%) of the share capital of the cooperative. Where a member of a cooperative dies, his heir shall be entitled to the shares of the decedent: Provided, That the total share holding of the heir does not exceed twenty per cent (20%) of the share capital of the cooperative: Provided further, That the heir qualify and is admitted as member of the cooperative: Provided finally, That where the heir fails to qualify as such member or where his total share holding exceeds twenty per cent (20%) of the share capital, the share or shares in excess will revert to the cooperative upon payment to the heir of the value of such shares.