Section 62 in Rajasthan Co-operative Societies Rules, 2003
62. Conditions for borrowing of Rajasthan State Co-operative Bank.
Except with the previous sanction of the Registrar, the Rajasthan State Co-operative Bank Limited, shall not incur liabilities exceeding in total fifteen times the total amount of its paid up share capital, and all reserves minus accumulated losses, actual bad debts, if any, and over due interest:Provided that, the Bank may incur liabilities is excess of the aforesaid limit by receiving deposits or borrowing loans subject to the condition that the amount received as deposits or borrowed as loans in excess of the said limit shall not be utilised in the business of the Bank but shall be invested in Government securities which shall be deposited with the Reserve Bank of India. The bank shall not borrow against such securities.Explanation.- In calculating the total amount of liability for the purpose of this rule, a sum equal to the amount borrowed by the bank on the security of agricultural produce or other goods of the members of the Bank shall be excluded from the amount of the actual liability under this rule.
