Amendment status not verified — confirm the current text below against the official source.
Management of Deficit (1) Where a Cooperative Society is left with a deficit in any given year, the board shall place before the general body in the first following annual general meeting, a detailed report on the causes of deficit and the manner in which the deficit is proposed to be met. (2) The general body of the Cooperative Society shall decide to have the deficit covered by setting it off against the amounts available in the deficit cover fund, and/or by debiting the deficit to the account of the members in proportion to the services they had availed or were expected to avail of the Cooperative Society during the year.