Section 58
Section 58 of DCS Act 2003. A co-operative society may receive deposits, raise loans and receive grants from external sources to such extent and under such conditions as may be specified in the bye-laws: Provided that the total amount of deposits and loans received during any financial year shall not exceed ten times of the su
(1) A co-operative society may receive deposits, raise loans and receive grants from external sources to such extent and under such conditions as may be specified in the bye-laws:
Provided that the total amount of deposits and loans received during any financial year shall not exceed ten times of the sum of subscribed share capital and accumulated reserves:
Provided further that while calculating the total sum of subscribed share capital accumulated reserves, the accumulated losses shall be deducted.
(2) Subject to the provisions of sub-section (1), a cooperative society may accept funds or borrow fund for the fulfillment of its objects as are mutually contracted upon and approved by the general body of members of the co-operative society.
(3) A co-operative society may issue non-convertible debentures or other instruments subject to the provisions of any law for the time being in force to raise resources for fulfillment of its objectives to the extent of twenty five per cent of its paid up share capital with the approval of general body of members with a provision for redemption fund for its repayment on maturity:
Provided that in case of borrowing by a co-operative bank, it shall be in accordance with the directions, instructions and guidelines issued by the Reserve Bank from time to time. Restrictions on other transactions with non-members.
Section 58, DCS Act 2003 (Act 149 of 2005).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 1
Questions about Section 58
How do I find court cases under Section 58 of the DCS Act 2003?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: DCS Act 2003 58, section 58 DCS Act 2003, section 58 of the DCS Act 2003. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 58 of the DCS Act 2003, and has it changed?
1 other provision in this corpus refers back to it.
When was the DCS Act 2003 enacted?
DCS Act 2003 was enacted in 2005 as Act 149 of 2005. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Read from the Government's own scanned gazette with Azure Document Intelligence, then split into sections by their numbering. India Code publishes no text for this Act. The scan itself is mirrored into our own storage and served at /scan/4c99366d-b957-4634-8735-6142d42775da.pdf, so the reading here can be checked against the page it came from without depending on India Code's own copy staying where it is (it was at https://indiacode.gov.in/server/api/core/bitstreams/7166f74d-c446-46c6-8fc8-31f498cb3330/content). This page is not a substitute for legal advice.