Section 67: Restrictions on borrowings.

The Multi-State Co-operative Societies Act, 2002Central Act · Act 39 of 2002

(1) A multi-State co-operative society may receive deposits, raise loans and receive grants from external sources to such extent and under such conditions as may be specified in the bye-laws:

Provided that the total amount of deposits and loans received during any financial year shall not exceed ten times of the sum of subscribed share capital and accumulated reserves:

Provided further that while calculating the total sum of subscribed share capital and accumulated reserves, the accumulated losses shall be deducted.

Explanation. -- For the removal of doubts, it is hereby clarified that a multi-State co-operative society shall not be entitled to receive deposits from persons other than voting members. (2) Subject to the provisions of sub-section (1), a multi-State co-operative society may accept funds or borrow funds for the fulfilment of its objects on such terms and conditions as are mutually contracted upon.

(3) A multi-State co-operative society may issue non-convertible debentures or other instruments subject to the provisions of any law for the time being in force to raise resources for the fulfilment of its objects to the extent of twenty-five per cent. of its paid-up share capital.

Where this provision sits

Act	The Multi-State Co-operative Societies Act, 2002
Section	67
Marginal note	Restrictions on borrowings.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

inserted, Act 21 of 2019. . Ins. by Act 21 of 2019, s. 42 the Second Schedule (w.e.f. 21-2-2019).

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