Section 51 in The Goa Co-operative Societies Act, 2001
51. Restrictions on borrowings.
(1)A society may raise loans and receive amounts from external sources to such extent and under such conditions as may be specified in the bye-laws.(2)The deposits or loans raised from external sources shall at no time exceed ten times the sum of members' funds and organisational reserves less accumulated deficit, if any:Provided that in case of Co-operative Housing Societies, the borrowings shall not exceed twenty times and in case of Co-operative Banks twenty-five times the sum of members' funds and organisational reserves less accumulated deficit, if any.(3)A mutually aided society shall not accept share capital from the Government but may accept other funds or guarantee from the Government on such terms and conditions as are mutually agreed upon through a memorandum of understanding.(4)A society may accept funds from the Government or other financing institution on such terms and conditions as are mutually contracted upon. Such conditions may include the right of the Government or other financier to nominate its representative on the board of directors of the society, subject, however, to the restriction that such representative shall not have the right to vote in the meetings of the society.
