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multi state cooperative society act

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  • Published date: May 16, 2019
    • New Delhi, New Delhi, Delhi, India [ Ads Views - 11 ]
  • Call : 7838272423

financial investment fluctuation fund, provision for retirement benefits to staff members and after offering or crossing out bad financial obligations and losses not adjusted versus any fund produced out of revenue. The condition is that such society could contribute to the net profits for the year interest accrued in the preceding years, however recovered during the year. In case of multi state cooperative societies which do not have share capital, the surplus of earnings over expenditure shall not be treated as net profits and such surplus should be dealt with in accordance with the bye-laws. A multi state cooperative society shall, from its net revenues in any year move a quantity not less than twenty-five percent to the reserve fund, credit one percent to cooperative education fund kept by the National Co-operative Union of India Limited, New Delhi or move an amount not less than 10 percent to a reserve fund for conference unforeseen losses. No multi state cooperative society will make a contribution either in cash or in kind, whether directly or indirectly, to an institution which has a things of furtherance of the interest of a political celebration. There is a limitation on loan. No cooperative society aside from cooperative bank shall make a loan to a member on the protection of this share or on the security of a non-member. The society can make a loan to a depositor on the safety of this deposit. The multi state society my receive deposits,

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