Substitution of Section 45

8. For Section 45 of the Principal Act, the following Section shall be substituted, namely:, "45.

1. (1) A co-operative may raise funds in shape of equity capital from its members to such extent and under such conditions as may be specified in the bye-laws.
2. (2) A co-operative may raise funds from its members in shape of deposits and loans to such extent which shall not be more than 25 times of the share capital and reserve fund.
3. (3) A co-operative may borrow funds only from any Scheduled bank or financial institution as defined in the Reserve Bank of India Act, 1934 (No.