State Act
59
Section 59. Restrictions on borrowings.
THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959.
Act no. 11 of 19591959In forceKarnataka (State Act)
59. Restrictions on borrowings.- 1[(1)]1 A co-operative society shall receive deposits and loans only to such extent and under such conditions 2[XXX] 2 as may be specified in the bye-laws. 2[ 1[(2) Notwithstanding anything contained in sub-section (1), the general body of a cooperative society shall have power to permit the society to borrow from a credit agency subject to such conditions as may be stipulated in the resolution of the general body. Provided that such resolution is valid till the date of the next annual general meeting]1 ]2