(1) The Committee of every society in a Co-operative Credit Structure shall have freedom and power to decide its financial and internal administrative matters including:
(i) Interest rate on deposits and loans subject to the directives issued by the Reserve Bank.
(ii) Borrowing, investment, loaning, policies (including individual loans) and other business policies.
(iii) Personal policies including issues relating to recruitment promotion, staffing, training, posting and compensation to staff as per business requirement of the society; (iv) Internal check and control systems, appointment of auditors, their compensation and other internal administrative issues ;
(v) Affiliation or disaffiliation in a federal structure as per the choice of the society including entry and exit there from ;
(vi) Area of operation as per business requirements of the societies without any geographical restrictions ;
(vii) Dividend payable to members of the society subject to guidelines issued by the Registrar as per the criteria specified by the National Bank.
140. The Committee of a Society in Co-operative Credit Structure shall have power:
a. To borrow from any bank or financial institution regulated by the Reserve Bank and avail refinance from the National Bank or any other refinancing body directly or through any financial institution regulated by the Reserve Bank.
b. To keep its deposits and invest its surplus in any Bank or financial institution regulated by the Reserve Bank taking into account the interest of the Society and its members.