Section 15 in Jharkhand Co-operative Societies Act, 2008
15. Mobilisation of Funds and Restrictions on Borrowing.
(1)A registered society may mobilise funds in the shape of share capital from its members, deposits, bonds, debentures, loans and other contributions from its members to such extent and under such conditions as may be permissible under the bye- laws of the Society.Provided that at the time of dissolution of a society the amounts due to the members shall be settled only after settlement of due to others.(2)A co-operative society may mobilise debentures, deposits, raised loans and receive grants from external sources to such extent and other such conditions as may be specified in the bye laws. Deposits and loans raised from external sources, however, shall at no time exceed ten times the sum of memebr funds and organisational reserves, less accumulated deficit, if any.(3)A co-operative society may accept funds or guarantees from the government or othet financiing institutions for the fulfillments of its objectives on such terms and conditions as are mutually contracted upon and such conditions may included the right of the government or other financier to nominate on exepert on the board.(4)No member in a primary society shall, at any time hold more than one tenth of the paid up equity capital.(5)No self supporting co-operative society shall accept funds from the government by way of equity.
