Section 70 in Assam Co-Operative Societies Act, 2007
70. Restrictions on borrowing.
- A registered society may receive deposits and may borrow from its members and from persons who are not members to such extent and 'on such conditions as may be provided in the Act and bye-laws:Provided that no cooperative society shall, by accepting deposits, or loans or in any other way, incur liabilities exceeding 25 times the sum of the paid up share capital and the accumulated reserve fund during any financial year:Provided further that while calculating the total sum of subscribed share capital and accumulated reserve fund the accumulated losses shall be deducted.
