Section 64 in The Meghalaya Co-operative Societies Rules
64. Provision for bad and doubtful debts.
- All co-operative societies other than the societies with unlimited liability and without shares, shall be required to make adequate provisions for bad and doubtful assets if any such asset is declared bad or doubtful as prescribed in sub-section (2)(b) of Section 54.Unless such provision has been made or any exemption has been granted by the Registrar on the recommendation of the audit officer, no society shall pay any dividend bonus, remuneration, patronage dividend or rebate.
