Section 116(a) in The U.P. Co-operative Societies Rules, 1968
(a)No officer of a co-operative society shall, except as permitted by the bye-laws of the society, have any interest, directly or indirectly -(i)in any contract made with the society,(ii)in any property sold or purchased by the society,(iii)in any transaction of a co-operative society other than the provision of residential accommodation by the society to any paid employee of the society, if the officer himself is a paid employee,
