Section 54 in The Goa Co-operative Societies Act, 2001
54. Reserve and other funds.
(1)A society may create statutory and non- statutory reserves and other funds for the promotion of the objects of the society.(2)Reserves and other funds shall be used for the purpose for which they were created when necessary but otherwise may be used in the business of the society. An annual interest equal to the Bank rate shall be credited to the accounts of such funds annually.(3)Every society shall provide funds each year for co-operative education and training of its members, staff and Directors.
