Section 49(2) in The Maharashtra Cooperative Societies Rules, 1961
(2)before any such bad debts or losses are so written off, the society, if it is affiliated and indebted to a Central Bank, shall first obtain the approval of that bank in writing and also the approval of the Registrar. If the society is affiliated but not indebted to the Central Bank and in all other cases it shall obtain the approval of the Registrar in writing. If the society itself is a Central Bank, approval of the State Co-operative Bank and the approval of the Registrar shall first be obtained :Provided that in case of societies classified as A or B at the time of last audit, no such permission need be taken if the bad debts are to be written off against the Bad Debt Fund specially created for the purpose :Provided further that the Registrar may, while giving the approval, impose such conditions as to [writing off and] [Inserted by Notification No. CSL-2014/697/C.R.04/13C, dated 30.8.2014 (w.e.f. 23.12.1961).] the recoupment of the Bad Debt Fund and restoration of part or whole of the amount written off against the Reserve Fund, from out of future profits as he deems fit.
