(1) A cooperative 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.
(2) Funds so created may be used in the business of the cooperative, 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 cooperative 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.
(2) Funds so created may be used in the business of the cooperative, 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 cooperative 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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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.Section 3 · Registration of a new cooperative.Section 4 · Conversion of a cooperative society into a cooperative under this Act.Section 5 · Cooperative to be body corporate.Section 6 · Articles of association.Section 7 · Amendment of articles of association.Section 8 · Name of a cooperative.India Code, Government of India. Text fetched 15 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.