Section 78 in West Bengal Co-operative Societies Rules, 2011
78. Borrowings.
(1) The maximum amount which a society may borrow shall be determined annually at a general meeting of the society and no society shall borrow exceeding maximum amount so determined :Provided that the Registrar, in case of any exigency, may at any time revise the limit fixed by the general meeting.(1A)[ Nothing contained in this rule shall apply to a Co-operative Credit Structure Entity which shall receive deposits or borrow as per limits sanctioned by its general body.] [Inserted by Serial No (16) of the Notification No. 3857-Co-op./H/2R-09/2012, dated 26th December, 2012, w.e.f. 1.2.2013.](2)Save as is provided in rule 80, a society shall not incur liabilities from persons who are not members in excess of a maximum limit fixed from time to time in general meeting.
