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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) .

Cooperative Societies Act, 2008 Back

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