CourtMesh

Section 53: Reserve Fund

The Meghalaya Co-operative Societies Act, 2015 (Act No. 11 of 2015)State Act of Meghalaya · Act 11 of 2015

(1) Every registered co-operative society shall maintain a Reserve Fund formed from its profits and carry to the fund in each year not less than twenty five per cent of its net profit.

(2) The Reserve Fund shall be invested separately in any of the ways prescribed in section 52 of this Act or with the sanction of the Registrar, in immovable property required for the furtherance of the activities Oof the co-operative society. Any such investment shall be deemed to constitute Reserve Fund. No instrument securing a loan on a Reserve Fund shall be valid.

(3) The Reserve Fund shall not be utilized for any purpose whatsoever except in exceptional circumstances as specified in the rules only in exceptional circumstances.

Where this provision sits

ActThe Meghalaya Co-operative Societies Act, 2015 (Act No. 11 of 2015)
Section53
Marginal noteReserve Fund
JurisdictionState of Meghalaya
StatusIn force as published by the source

Find the provision, not just read it

The full text above is free, and it stays free. What a free CourtMesh account adds is everything you cannot do by reading one page at a time:

  • Search 49,000+ Central and State enactments by what a provision says, not by its number
  • Jump from any section to every judgment that has applied it
  • Search 300 million+ Indian court records alongside the statute
  • Ask a research agent to find and read the case law on a provision for you

Free account. No card. About a minute to create.

Create a free account

Need this as data, not as a page? The Meghalaya Co-operative Societies Act, 2015 (Act No. 11 of 2015) is one of 49,000+ enactments on CourtMesh. The Indian court cases API serves the case law that cites these provisions over JSON, with API documentation and plans and pricing. See also the judgment library.