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        Indian Laws

        SCHEDULE 02 (PART 3) - Amendment of section 67 of Act 39 of 2002.

        Banning of Unregulated Deposit Schemes Act, 2019
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        Restriction on deposits limits multi State co operative societies to accepting funds only from voting members, prohibiting others. Amendment confines the power to 'receive deposits' for multi State co operative societies to funds received from its voting members and expressly clarifies that such societies are not entitled to receive deposits from persons other than voting members, thereby creating an explicit statutory restriction on permissible deposit sources.
                        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.

                              Restriction on deposits limits multi State co operative societies to accepting funds only from voting members, prohibiting others.

                              Amendment confines the power to "receive deposits" for multi State co operative societies to funds received from its voting members and expressly clarifies that such societies are not entitled to receive deposits from persons other than voting members, thereby creating an explicit statutory restriction on permissible deposit sources.


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