Section 53: Liability for deficit

The Goa Co-operative Societies Act, 2001State Act of Goa · Act 36 of 2001

(1) Where a society has an operational deficit in any given year, the board of directors shall place before the general body the detailed report of causes of such deficit.

(2) The general body shall examine the reasons and where the deficit has arisen in the normal course of the business of the society, the general body may, based on its examination, resolve to make good the operational deficit, wholly or partly, from the deficit fund and other reserves.

Where this provision sits

Act	The Goa Co-operative Societies Act, 2001
Section	53
Marginal note	Liability for deficit
Jurisdiction	State of Goa
Status	In force as published by the source

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