Section 49 in The Orissa Co-operative Societies Rules, 1965
49. Restriction on Borrowing by Societies.
(1)A Society shall not receive by way of deposits and loans in excess of limit fixed from time to time by the Registrar.(2)A Society with unlimited liability which is a member of the Financing Bank shall not borrow by way of loan or deposits from any non-member other than the State Government without the sanction of the Financing Bank and where the Society is not a member of the Financing Bank without the previous sanction of the Registrar.(3)A Society may accept fixed deposits from members and non-members subject to such restrictions and for such periods as the Registrar may deem fit to impose provided always that efficient management is ensured and that adequate fluid resources are maintained according to the standard laid down by the Registrar under Rule 50.(4)All Societies with limited liability which made adequate provisions for fluid resources according to the standard laid down by the Registrar under Rule 62 may accept savings bank deposits both from members and non-members subject to subsidiary Bye-Laws for deposit by the Society and approved by Registrar.(5)A Society may accept thrift deposits in accordance with the Bye-Laws for the encouragement of thrifts among its members by opening of thrift accounts.(6)No Society shall undertake current deposits account business without the sanction of the Registrar and such sanction shall not be given by the Registrar unless he is satisfied about the stability of the Society and of its provision of adequate fluid resources as prescribed under the Rules.(7)A Society which accepts deposits and loans from members only and has no liability to any person other than the members may receive such deposits and loans in excess of the limit referred to in Sub-rule (1) if the excess amount is deposited in a Bank to which it is affiliated or is invested in Government or other securities specified in Section 20 of the Indian Trusts Act, 1882, provided that the amount so deposited or invested, or any part thereof is not withdrawn or otherwise utilised except for the repayment of the deposits accepted in excess of the aforesaid limit.
