(1) No society other than the Cooperative Credit Structure Society with limited liability shall, without the previous sanction of the Registrar, incur liability exceeding in total ten times the total amount of its paidupshare capital, accumulated reserve fund and building fund minus accumulated losses:
Rule 35* Sub Section (1) are substituted by TCS (Fourth Amendment) Act 2011.
Procedure for change of address of Societies.
Register of Members List of Members.
Certified copies of entries in books of societies.
Condition for borrowing by societies with limited liabilitie.
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Provided that Urban Banks and Producers’ Societies shall not, except with the previous sanction of the Registrar, incur liabilities exceeding fifteen times the total of their paid up share capital, accumulated reserve fund and building fund minus accumulated losses.
Explanation:- In calculating the total amount of liability for the purposes of this sub-rule, in the case of any society or class of societies the bye-laws of which permit borrowing or granting credit facilities on the pledge of agricultural produce or other goods, specified in that behalf by the Registrar by general or special order, a sum equal to the amount borrowed by such society or class of societies, on the security of agricultural produce or other goods of such society or its members, shall be excluded from the amount of the actual liability under this rule.
(2) Other than the Cooperative Credit Structure Society may incur liabilities in excess of the limit specified in sub-rule (1) by receiving deposits or borrowing loans subject to the condition that the amount received as deposits or borrowed as loans in excess of the said limit shall not be utilised in the business of the society but shall be invested in Government securities. No society shall borrow against such securities.
(3) A Cooperative Credit Structure Society shall have freedom to raise loan from any bank or Reserve Bank regulated financial institution, re-finance from National Bank or any other refinance agency directly or through any Reserve Bank regulated financial institution of its choice and not necessarily from the society to which it is affiliated.
Provided that the Cooperative Credit Structure Societies shall utilize amount received by means of deposit or borrowing loan as per the priority of business need.
36. a) Except with the previous sanction of the General Body, the Tripura State Co-operative Bank Ltd. shall not incur liabilities exceeding in total fifteen times the total amount of its paid up share capital, and all reserves minus accumulated losses actual bad debts, if any, and overdue interest:
b) Provided that the Tripura State Cooperative Bank Limited shall utilize the amount received by means of deposit or borrowing loan as per the priority of business need.
Explanation:-In calculating the total amount of liability for the purposes of this rule, a sum equal to the amount borrowed by the Bank on the security of agricultural produce or other goods of the members of the Bank shall be excluded from the amount of the actual liability under this rule.
Rule 35* Subsection (2) are inserted by TCS (Fourth Amendment) Act 2011.
Rule 35* Subsection (3) are inserted by TCS (Fourth Amendment) Act 2011.
Rule 36*, 37* are substituted by TCS (Fourth Amendment) Act 2011.
Rule 36* Subsection (a) are deleted and inserted by TCS (Fourth Amendment) Act 2011.
Rule 36* Subsection (b) are deleted and inserted by TCS (Fourth Amendment) Act 2011.
Condition for borrowing of Tripura State Co-operative Bank.
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37. Land Development Banks may incur liabilities not exceeding in total twenty times the total amount of their paid-up share capital, accumulated reserve and building funds minus accumulated losses.
38. Every society with unlimited liability shall, from time to time fix in a general meeting the maximum liability which it may incur in loans and in deposits from non members. The maximum so fixed shall be Subject to the sanction of the Registrar, who may at any time reduce it, for reasons to be communicated by him to the society in writing, and may specify a period not being less than four months, within which the society shall comply with his orders. No such society shall receive any loan or deposit from a non-member, which will make its liability to nonmembers exceed the limit sanctioned by the Registrar. Provided that in case of Primary Agriculture Credit Society previous sanction of the Registrar shall not be necessary in case of any loans or deposits.