(1) Every society, which has a share capital, shall provide in the bye-laws the maximum amount of such share capital, the number of shares into which it is divided, the class of shares, the face value of each share of each class and the rights and liabilities attaching to each class of shares.
(2) Any society, which is authorised under its bye-laws to raise funds, by the issue of debentures and bonds, may, with the approval of the general body by passing a resolution by three-fourth majority of the members present in the general body meeting, frame regulations regarding the maximum amount to be raised by the issue of debentures and bonds, the class or classes of debentures and bonds, the face value of each debenture or bond, the date on which the debentures or bonds are to be redeemed, the rate at which interest is payable, the terms and conditions regarding transfer of debentures and bonds and other incidental matters.
(3) The total amount of debentures and bonds issued at any time together with the other liabilities incurred by the society shall not exceed the maximum amount which the society can borrow under the provisions of rule 33.
(4) A society may issue bonus shares by way of capitalising its reserves and accumulated profits and such bonus shares issued may not rank pari-passu to the existing shares. Such bonus shares shall be issued by passing a resolution in the general body. The issue of bonus shares shall be in accordance with the rules as laid down in the bye-laws of the society.