Definitions

(39) “surplus” means the excess of income over expenditure, arrived at, at the end of the financial year, after the payment of interest, if any, on share capital, and before the payment of surplus refund, and allocation of reserves and other funds ; (1) A cooperative may mobilize funds in shape of equity capital, deposits and loans from its members in such form, to such extent and under such conditions as may be specified in the Articles of Association [but shall not incude the bank services]. (2) A cooperative may borrow funds from non-members individuals and institutions to such extent and under such conditions as may be specified in the articles of association.