Section 45 in The M.P. Swayatta Sahakarita Adhiniyam, 1999
45. [ Mobilisation of Funds. [[Substituted by M.P. Act No. 16 of 2010. Prior to substitution it was as under :
'45. Mobilisation of funds. - (1) A co-operative may raise funds in shape of equity capital, deposits and loans from its members to such extent and under such conditions as may be specified in the bye-laws.(2)A co-operative may borrow funds from non-member/individuals and institutions to such extent and under such conditions as may be specified in the bye-laws.']](1)A co-operative may raise funds in shape of equity capital from its members to such extent and under such conditions as may be specified in the bye-laws.(2)A co-operative may raise funds from its members in shape of deposits and loans to such extent which shall not be more than 25 times of the share capital and reserve fund.(3)A co-operative may borrow funds only from any Scheduled Bank or financial institution as defined in the Reserve Bank of India Act, 1934 (No. 2 of 1934) or Co-operative Bank or Regional Rural Bank as defined in the Banking Regulation Act, 1949 (No. 10 of 1949) and to such extent and under such conditions as may be specified in the bye- laws.(4)A co-operative shall not accept any deposits from non-member or institutions and shall not perform any work relating to banking business unless such co-operative has obtained licence under the Banking Regulation Act, 1949 (No. 10 of 1949).] [Inserted by M.P. Act No. 16 of 2010.]
