Section 70 in Himachal Pradesh Co-Operative Societies Rules, 1971
70. Objects and Investment of Reserve Fund.
(1)A Reserve Fund maintained by a society shall belong to the society and is intended to meet unforeseen losses. It shall be indivisible and no member shall have any claim to a share in it.(2)A society shall not invest or deposit its Reserve Fund except in one or more of the modes mentioned in section 57 of the Act, or in such modes as are laid down in section 53 read with rule 68;Provided that the Registrar may by general or special order permit any society or any class of societies to invest the Reserve Fund, or a portion thereof in its own business:Provided further that in exceptional circumstances and with the prior approval of the Registrar, the Reserve Fund may be utilised in meeting losses.(3)No society whose Reserve Fund has been separately invested or deposited shall draw upon, pledge or otherwise employ such fund except with the sanction of the Registrar obtained in writing.
