Amendment status not verified — confirm the current text below against the official source.
Reserve Fund.—<1) Every registered society shall maintain a Reservt Fund formed from its profits and carry to the fund in each year not less than twenty per centum of its net profits. (2) The Reserve Fund shall be invested separately in any of the wayj prescribed in section 51 or, with the sanction of the Registrar, in immovable property required for the furtherance of the activities of the society. Any .suet investment shall be deemed to constitute Reserve Fund. No instrument securing a loan on a Reserve Fund shall be valid. ’Substituted by the A.O., 1950 for “Provincial”. Substituted by the Assam Co-operative Societies (Amendment) Act, 1953/- 28,5 (3) The Reserve Fund shall not be utilised for any purpose whatsoever ‘except with the sanction of the Registrar, who shall accord such sanction only ■in exceptional circumstances.