Section 4 in Tamil Nadu Co-operative Societies Rules, 1988
4. Duties and responsibilities of chief promoter.
(1)The chief promoter may collect money towards initial share capital and entrance fees for the proposed society from the applicants and other persons who are willing to join as members of the proposed society' and he shall issue receipts for the amounts so received by him.(2)The chief promoter shall deposit all the moneys collected towards initial share capital and entrance fees in such financing bank or co-operative bank as may be approved by the Registrar in that behalf within seven days from the date of receipt of the moneys:Provided that the chief promoter may retain such amount as may reasonably be necessary to meet the expenditure referred to in sub-rule (4).(3)The chief promoter shall not withdraw any sum from the amount so deposited without the previous permission of the Registrar.(4)The chief promoter may incur such expenditure as may reasonably be required for the formation of the proposed society and shall obtain vouchers for the expenses incurred by him. He shall, along with the application for registration of the proposed society, furnish the details of the moneys collected towards initial share capital and entrance fees and of the expenditure incurred by him the date of such application.(5)The chief promoter shall maintain proper accounts along with the counter-foil of the receipts for the amounts collected and vouchers for the expenses incurred by' him. The chief promoter shall place or cause to place the accounts with the details of the expenditure incurred by him for the registration of the society for approval in the first general meeting of the society held after its registration.(6)The chief promoter shall not carry on any business on behalf of the proposed society nor shall he incur any liability' on behalf of the society.(7)Where the Registrar has refused to register the proposed society, the Registrar shall, after the expiry of a period of three months from the date of communication of the order of refusal, but before the expiry of a period of six months from the said date, accord his permission to the chief promoter to withdraw the moneys deposited under this rule and to refund the same to the applicants and other persons concerned rateably:Provided that no such permission shall be accorded where any appeal has been filed against the refusal to register the society, until final orders (including orders on revision or review are passed on the appeal.
