Bihar Cooperative Societies Rules, 1959 - Cooperative Department ...

(3) The Registrar shall, with effect from the said date, register the mew
society and on such registration the assets and liabilities on the amalgamated
societies shall vest in the new society.
(4) An appeal against on order passed under sub-rule (1) shall lie,
within on month from the date of such order,-
(i) If the order has been passed by any officer exercising the powers
of the Registrar, to Registrar;
(ii) if the order has been passed by the Registrar, to the State
Government.
(5) No action under sub-rule (2) shall be taken until the disposal of the
appeal under sub-rule (4)
Raising of funds
40. Borrowing.- A registered society may raise funds for its business by
obtaining loan or deposits from the State Government, the financing bank of
members or non-members or by issuing bonds or debentures or otherwise in
accordance with its bye-laws:
Provided that the acceptance of loans and deposits from member and
nonmember shall be subject to such condition as to the maintenance of fluid
resources and such restrictions as to the area and on such terms and conditions
as to the amount and period of loans and deposits, dates of maturity and refund,
rates of interest and notice of withdrawal, as may from time to time, be laid down
by the Registrar.
41. Loans of members. – (1) Loans may be granted by registered society
to its members only to such extent and for such purposes and on such terms and
conditions as are laid sown in the bye-laws and subject to such direction not
inconsistent with the bye-laws as may, from time to time, be issued by the
Registrar.
(2) If a registered society is sued a requisition on any other registered
society for the realization of the loan advanced to any member or the interest
thereon, it shall be incumbent on the latter society to deduct the same from any
money belonging to such member with the later society after setting of its own
dues, if any, against the member.
(3) An application for loan by a member of a registered society shall be in
Form IX and shall contain a declaration to the effect that the applicant pledges his
property to the society for any debt due or advance to be made to him by the
society subsequent to his admission as a member.
Provided that the State Government may exempt any class or classes of
society from the operation of this sub-rule.
42. Salary earners society.- (1) In case of a registered society of salary
or wage earners, loans may be advanced only on the execution of an authority slip
authorizing in Form X the employer to deduct from the member’s salary or wage
the stipulated amount of installment with interest and deductions from the
member’s salary or wage will continue till the loan has been fully satisfied.
(2) The Society shall within a fortnight of the receipt of the authority slip
forward a copy thereof duly certified in the manner specified in rule 61 to employer
or the pay disbursing authority concerned for execution of the same.
(3) A member who has executed such authority slip shall, on every
occasion he becomes subject to a new employer or pay disbursing authority