Operation of special funds

General200162 sections8 chapters

Chapter 5 FINANCE

Statutory text

(1) A Co-operative may, in the interest of its members, and towards the fulfilment of its objectives, create reserves and such other funds as are specified in the articles of association.
(2) Funds so created may be used in the business of the Co-operative, but at the end of every Co-operative business year, on that portion of such fund which was not applied for the purpose for which it was created, the Co-operative shall credit to the account of such fund an annual interest, at not less than the rate paid by scheduled banks on long term fixed deposits, debiting such interest as operational expenditure.

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