Section 15 in The Bihar Co-operative Societies Rules, 1959
15. Bye-laws of societies.
(1)A registered society shall subject to the provisions of the Act and these Rules; make bye-laws in respect of the following among other matters, namely;-(a)the area of its operation;(b)the objects of the society and the ways and means of carrying out those objects;(c)the purpose to which its funds are applicable, the manner in which capital may be raised; and the custody and investment of its funds;(d)the qualification for admission to membership, the continuance of such membership and the condition of cessation of or expulsion from membership;(e)the rights and liabilities of members, and the consequences of default in payment of any sum due by a member to the society;(f)the mode of holding general meetings of the managing committee or any other committee of the society and the powers and duties which may be exercised and performed by such committee;(g)the mode of appointment, suspension and removal of the members of the managing committee and of the officer of the society, and the duties and powers of the committee and officer; and(h)the authorisation of any officer or officer of the society to sign documents on its behalf.(2)If the objects of the society include the creation of funds to be lent to members, the society shall also make bye-laws in respect of-(a)the purposes for which and the security on which loans may be granted:(b)the maximum liability which the society may incur:(c)the maximum limit of loan which may be advanced to a member:(d)the terms and conditions subject to which loans may be granted and extension of time for re-payment.(e)the maximum rates of interest of lendings, and(f)the disposal of profits and the maximum dividend payable on paid up share capital.(3)In case of a registered society having as its objects the purchase, sale, production or distribution of commodities and such other objects, the society may make bye-laws in respect of the mode of conducting the business of purchase, sale and stock-taking.(4)A registered society may make bye-laws in respect of any other matter incidental to the management of its affairs,
