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Section 48 – The Delhi Co-Operative Societies Act,1972

The Delhi Co-Operative Societies Act,1972

48. Contribution to Co-operative Education fund.-

A co-operative society shall out of its net profits in any year credit such portion of the profits not exceeding five per cent, as may be prescribed to the Co-operative Educational Fund constituted under the rules.

Investment of funds .-

(1) A co-operative society may invest or deposit its fund- In the post office savings bank, or in any of the securities specified in section 2o of the Indian Trusts Act,1882, or in the shares or securities of any other co-operative society, or with any bank carrying on the business of banking approved for this purpose by the Registrar, or in any other mode permitted by the rules Any investment or deposits made before the commencement of this Act which would have been valid if this Act has been in force are hereby ratified and confirmed.

Restrictions on loans.-

(1) A co-operative society shall not make a loan toany person other than a member Provided that with the general or special sanction of the Registrar a co-operative society may make a loan to another co-operative society.

Notwithstanding anything contained in sub section (1) a co-operative society may make a loan to a depositor within his deposit on its security.

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The Delhi Co-Opearative Societies Act,1972

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