Amendment status not verified — confirm the current text below against the official source.
A society shall receive deposits and loans from members and other persons, only to such extent, and under such conditions, as may be prescribed, or specified by the bye-laws of the society. 10a[44A. Notwithstanding anything contained in this Act or the rules or bye-laws made thereunder, the committee of every society in a co-operative credit structure shall have freedom to decide its financial and internal administrative matters, especially:- (i) interest rates on deposits and loans, subject to the directives issued by the Reserve Bank of India; Power to exempt from taxation. Restriction on borrowings. Power of Committee of co-operative credit structure. [1962: Guj. X Gujarat Co-operative Societies Act, 1961 (ii) borrowing, investment, depositing its surplus funds, loaning policies (including individual loans) and other business policies; (iii) personnel policies including issues relating to recruitment, promotion, staffing, training, posting and compensation to staff as per business requirement of the society; (iv) internal checks and control systems, appointment of auditors, their compensation and other internal administrative issues; and (v) borrowing from any financial institution regulated by the Reserve Bank of India, keeping in mind the interest of the society and its members.]