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Section 13: Substitution of Section 56

Karnataka Co-Operative Societies (Amendment) Ordinance, 2009State Ordinance of Karnataka · No. 11 of 1959

For Section 56 of the Principal Act, the following shall be substituted, namely:- "56 Mobilisation of Funds.- (1) A co-operative society may mobilise funds in the form of share capital, deposits, debentures, loans and other contributions from,-

(i) its members; or

(ii) its depositors; or

(iii) any other person, institutions and organizations to such extent and subject to such conditions as may be specified in the bye-laws of the co-operative society.

(2) No part of the funds, other than the net profits of a co-operative society, shall be paid by way of bonus or dividend or otherwise distributed among its members:

Provided that a member may be paid traveling allowance, daily allowance or such other allowance or fees for attending meetings of the committees or for performing any other functions as a member or remuneration for any services rendered by him to the co-operative society on such scale as may be laid down in the bye-laws."

Where this provision sits

ActKarnataka Co-Operative Societies (Amendment) Ordinance, 2009
Section13
Marginal noteSubstitution of Section 56
JurisdictionState of Karnataka
StatusIn force as published by the source

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