Co-operative Societies Act 1979 · 2020 Revised Edition · Part 6 · Property and Funds of Societies
66. Capital
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The capital of a society may be raised by all or any of the following means:
society
“society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;
entrance fees which are not refundable except in cases where an application for membership has been rejected;
ordinary shares subscribed and paid up by members;
permanent shares subscribed and paid up by institutional members;
in the case of credit societies —
subscription capital; and
subscription capital
“subscription capital” means a regular obligatory savings deposit (made by members in accordance with the by‑laws) which is intended to serve as guarantee capital for loans taken or guaranteed by a member and which may not be withdrawn except for such specific purposes and under such conditions as are laid down in the by-laws or except on a termination of membership;
other deposits from members which are withdrawable subject to conditions laid down in the by‑laws;
by-laws
“by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;
bonds or debentures issued by the society subject to such restrictions as are laid down in this Act and in the by-laws;
deposits or loans from non-members subject to such restrictions as are laid down in this Act and in the by‑laws;
donations made by third persons except that no donations from any foreign source, whether offered directly or otherwise, may be received by a society without the Registrar’s prior approval.
Registrar
“Registrar” means the Registrar of Co‑operative Societies appointed under section 3(1), and includes a Deputy Registrar, an Assistant Registrar, or a public officer appointed under section 3(1), exercising such function, duty or power of the Registrar as is delegated to the Deputy Registrar, Assistant Registrar or public officer (as the case may be) under section 3(2);