Amendment status not verified — confirm the current text below against the official source.
Restriction on borrowings (1) A Cooperative Society may mobilise debentures, deposits, raise loans and receive grants from external sources to such extent and under such conditions as may be specified in the bye-laws. Deposits and loans raised from external sources, however shall at no time exceed ten times the sum of member funds and organistional reserves less accumulated deficit, if any. (2) A Cooperative Society may accept funds/guarantees from the government or other financing institution for the fulfillment of its objectives on such terms and conditions as are mutually contracted upon and such conditions may include the right of the government or other financier to nominate one expert on the board.