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Section 52: Reserve Fund

The Assam Co-operative Societies Act, 1949State Act of Assam · Act 1 of 1950

<1) Every registered society shall maintain a Reservt Fund formed from its profits and carry to the fund in each year not less than twenty per centum of its net profits.

(2) The Reserve Fund shall be invested separately in any of the wayj prescribed in section 51 or, with the sanction of the Registrar, in immovable property required for the furtherance of the activities of the society. Any .suet investment shall be deemed to constitute Reserve Fund. No instrument securing a loan on a Reserve Fund shall be valid.

’Substituted by the A.O., 1950 for “Provincial”.

Substituted by the Assam Co-operative Societies (Amendment) Act, 1953/- 28,5

(3) The Reserve Fund shall not be utilised for any purpose whatsoever ‘except with the sanction of the Registrar, who shall accord such sanction only ■in exceptional circumstances.

Where this provision sits

ActThe Assam Co-operative Societies Act, 1949
Section52
Marginal noteReserve Fund
JurisdictionState of Assam
StatusIn force as published by the source

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