Section 38 in Haryana Co-operative Societies Rules, 1989
38. Restrictions on borrowings by co-operative societies.
- Sections 63 and 131(2)(xxxvii). - (1) Subject to the provisions of sub-rule (2) a Co-operative Society shall not receive, deposits and loans whether from members or non- members which exceed the limits fixed from time to time a general meeting subject to the approval of the Registrar who may at any time reduce it :Provided that no approval of Registrar shall be necessary in case of primary agricultural credit/service society.(2)A co-operative 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 limits referred to in sub-rule (1) if the excess amounts is deposited in a co-operative bank to which it is affiliated or is invested in Government securities specified in section 21 of the Indian Trust Act, 1982:Provided that the amount so deposited or invested or any part thereof, is not withdrawn or otherwise utilised except for the payment of the deposit accepted in excess of the aforesaid limit.(3)No Co-operative society shall acept loans or deposits whether from members or non-members at a rate of interest which exceeds by more than three per cent the interest paid on similar types of deposits or loans by the Central Co- operative Bank within whose area of operation the society is situated except that the Registrar may by general or special order grant exemption or relaxation to any class of societies or individual society from the operation of this rule.
