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Co-Operative Societies Act 2008


31. Use of Statutory Reserves

1.     Subject to the written approval of the Registrar, a society may use its statutory reserves for the following purposes—

a.     make good deficiencies created by its operations; and

b.    to recoup losses on its investments that cannot be covered from income for the year in which the loss was sustained.

2.     When the Registrar receives a request for approval pursuant to paragraph (1) he may—

a.     exempt the society from compliance with regulation 28(2)(a) for any period of time that he considers appropriate;

b.    restrict the purposes for which the society may use its statutory reserves; or

c.     do all or a combination of the things mentioned in sub-paragraphs (a)and (b).



Co-Operative Societies Act 2008 Back




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