Section 49(1) in The M.P. Swayatta Sahakarita Adhiniyam, 1999
(1)A co-operative may create reserves and such other funds as are in the interest of members or the co-operative and which are specified in the bye-laws :Provided that where a contributory provident fund is created for the benefit of employees, such fund-(a)shall not be used in the business of the co-operative;(b)shall not form part of the assets of the co-operative;(c)shall not be liable to attachment or be subject to any other process of any Court or other authority; and(d)shall be administered in such manner as may be provided in the bye-laws.
