Section 53 in The Goa Co-operative Societies Act, 2001
53. Liability for deficit.
(1)Where a society has an operational deficit in any given year, the board of directors shall place before the general body the detailed report of causes of such deficit.(2)The general body shall examine the reasons and where the deficit has arisen in the normal course of the business of the society, the general body may, based on its examination, resolve to make good the operational deficit, wholly or partly, from the deficit fund and other reserves.
