Section 74 in Mizoram Cooperative Societies Act, 2006
74. Restrictions on borrowings.
(1)A co-operative may mobilize debentures, deposits, raise loans and receive grants from external sources to the extent and conditions as may be specified in the Act, rules and bye-laws. However, the total deposits and loans raised from external sources, shall at no time exceed twenty times of the paid up share capital.(2)A co-operative may accept funds from the government or the financing institutions in furtherance of its objectives on the terms and conditions as are mutually agreed upon and such conditions may include the right of he government or other financial institutions or agencies to nominate one expert on the board of directors respectively regardless of the quantum and extent of funds received from such institutions and agencies.
