Section 34 in The Punjab Co-operative Societies Rules, 1963
34. Reserve fund. [Section 85 (2) (xxii)]
- [(1) ... ....... .... ] [Sub rule (1) omitted by Punjab Government Gazette Notification dated Jan. 12, 1983 (Section 2)](2)The reserve fund of a Co-operative Society or class of Co-operative Societies, may unless the Registrar by special order otherwise directs to be invested under section 44, be utilized in the business of the Co-operative Society.(3)The reserve fund shall be indivisible and no member shall be entitled to claim a specified share in it:[Provided that the Reserve Fund may be utilized with the prior approval of Registrar in meeting losses when it is necessary so to do to save the Co-operative Society from going under liquidation or to prevent the depositors from making a run on the Co-operative Society for getting back their deposits or any such other eventuality.] [Proviso to sub-rule substituted by Punjab Government Gazette Notification dated October 14, 1974 (Section 4)]ssss(4)No Co-operative Society whose reserve fund has been separately invested or deposited shall draw upon, pledge or otherwise employ such fund except with the sanction of the Registrar previously obtained in writing.
