State Act
41
Section 41. Operation of special funds
UTTARAKHAND SELF RELIANT CO-OPERATIVES ACT, 2003
Act no. 04 of 20032003In forceUttarakhand (State Act)
41. (1) A Co-operative may, in the interest of its members and towards the fulfillment of its objectives, create reserves and such other funds as are specified in the articles of association or resolved on by the general body. (2) Funds so created may be used in the business of the co-operative, but at the end of every year, on that portion of each 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, not less than at the rate paid by scheduled banks on long term fixed deposits, debiting such interest as operational expenditure.