Amendment status not verified — confirm the current text below against the official source.
Substituted by G.O.Ms.No.53, Agriculture and Cooperation (Coop- II) Department, dated 20.05.2016. [Act No.7 of 1964] 157 federal society registered under the 295Telangana Mutually Aided Co-operative Societies Act, 1995. (6) A Co-operative Credit Society may affiliate or disaffiliate with a federal society at its choice. (7) A Co-operative Credit Society shall have the freedom of entry and exit at any tier and there shall be no mandatory restrictions of geographical boundaries for its operation. (8) A Co-operative Credit Society may invest or deposit its funds in any financial institution regulated by Reserve Bank of India of its choice with a minimum net worth and any other criteria as may be prescribed by NABARD from time to time and not necessarily in the federal society to which it is affiliated. (9) A Co-operative Credit Society may obtain loans from any financial institution regulated by Reserve Bank of India and refinance from NABARD or any other refinancing agency directly or through any RBI regulated financial institution of its choice and not necessarily from the federal society to which it is affiliated. (10) The Registrar shall frame guidelines for payment of dividend by a PACS in consultation with NABARD. 296[(11) There shall be no compulsion in contribution to any fund other than Cooperative Education fund provided under this Act and those required for improving the net worth/ owned funds of a Cooperative Credit Society.]