Section 157 in The U.P. Co-operative Societies Rules, 1968
157.
No request of any co-operative society made under sub-section (3) of Section 58 shall be granted by the Registrar where the society -(i)is of unlimited liability,(ii)was placed below 'C' class in last audit classification,(iii)has over dues against members,(iv)is working with outside borrowing or non-members' deposits,(v)has undischarged financial commitment on the date of application, and(vi)has inadequate reserve fund or the reserve fund is not properly invested outside the business of the society.
