Section 58 in The Tripura Co-operative Societies Act, 1974
58. Reserve Fund.
(1)Every society which does, or can, derive net profit from its transactions shall maintain a reserve fund.(2)Of the net profits of a society in each year there shall be carried to the reserve fund not less than twenty-five per centum:Provided that no part of the reserve fund shall be invested in the business of the society or in any other purpose without the approval of the Registrar as prescribed in rules.(3)Reserve fund not invested in the business of the society shall be invested or deposited in the manner provided under Section 62.(4)Any officer wilfully failing to comply with the requirements of this section shall be personally liable for making good the amount to the society.(5)The reserve fund or bad debt reserve fund of a society invested by such society in accordance with the provisions of Section 62 shall not be liable to attachment under any decree or order of a court in respect of any debt or liability incurred by the society.
