AdvocateKhoj
Login : Advocate | Client
Home Post Your Case My Account Law College Law Library
    

Co-Operative Societies Act 2008


23. Borrowing by directors and other officers

1.     No officer, director, Credit Committee member, Supervisory Committee member, or employee of a society, may borrow from the society an amount in excess of his holdings therein in shares, deposits and accumulated earnings, unless approved by the vote of two-thirds of the other members of the Board, Credit Committee and Supervisory Committee sitting together.

2.     A meeting referred to in paragraph (1) is not properly constituted unless a quorum of the members of the Credit Committee is present.

3.     No registered society shall lend any member an amount exceeding—

a.     10 percent of the aggregate of the registered society’s share capital, retained earnings and reserves;

b.    the aggregate of the members’ ordinary deposits and the society’s reserves; or

c.     such lesser percentage as is specified in the by-laws.



Co-Operative Societies Act 2008 Back




Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered by nubia  |  driven by neosys