(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 and where the full amount of the share is not payable on allotment, the amount and the number of instalments in which it is required to be paid and such other incidental matters.
(2) Any society, which is authorised under its bye-laws to raise funds by issue of debentures and bonds, may with the prior sanction of the Registrar, 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 debentures of bonds, 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 61, 62, 63 or 64 as the case may be and its bye-laws.
1 Added by G.S.R. 53 dated 10.7.2017, published in Raj. Gazette E.O. part 4 (x)(I) dated 10.7.2017, come into force at once.
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