Section 50 in The Meghalaya Co-operative Societies Rules
50. Restrictions on borrowings by societies.
(1)Fixed deposits. - Co-operative societies may accept fixed deposits from members and non-members subject to such rules and restrictions and for such periods as the Registrar may deem fit to impose : provided always that efficient management is ensured and that adequate fluid resources are maintained according to the rules prescribed.(2)Saving Bank deposits. - All co-operative societies with limited liability other than agricultural credit societies and other type of societies in rural areas which make adequate provision for fluid resources as provided for in the rules, may accept savings bank deposits both from members and non-members, subject to rules for deposits framed by the society and approved by the Registrar.(3)Current deposits. - No co-operative society shall undertake current deposit accounts business without the sanction of the Registrar and such sanction shall not be given by the Registrar unless he is satisfied about the stability of the concern and of its provisions for adequate fluid resources as prescribed under the rules.
