Section 12 in Multi-State Co-Operative Societies (Privileges, Properties and Funds, Accounts, Audit, Winding Up and Execution of Decrees, Orders and Decisions) Rules, 1985
12. Restriction On Borrowings of Limited Liability of Multi-State Co-Operative Society.
- No multi-State co-operative society with limited liability shall accept deposits or loans, or by any other way incur liability exceeding 10 times the sum of the paid-up share capital plus accumulated reserves minus any losses :Provided that the Central Registrar, for reasons to be recorded in writing, may permit a multi State co-operative society to incur liabilities exceeding the aforesaid limit.
