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        Indian Laws

        SCHEDULE 02 (PART 1) - Amendment of section 45-1 of Act 2 of 1934.

        Banning of Unregulated Deposit Schemes Act, 2019
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        Deemed deposits: amounts from non voting or associate cooperative members are classified as deposits under amendment. Amounts accepted by a co-operative society from members or shareholders, excluding share capital, shall be deemed to be deposits where such members or shareholders are nominal or associate members who do not have full voting rights in the meetings of the co-operative society.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Deemed deposits: amounts from non voting or associate cooperative members are classified as deposits under amendment.

                                Amounts accepted by a co-operative society from members or shareholders, excluding share capital, shall be deemed to be deposits where such members or shareholders are nominal or associate members who do not have full voting rights in the meetings of the co-operative society.


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