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Co-Operative Societies Act 2008 31. Use of Statutory Reserves 1. Subject to the written approval of the Registrar, a society may use its statutory reserves for the following purposes- a. make good deficiencies created by its operations; and b. to recoup losses on its investments that cannot be covered from income for the year in which the loss was sustained. 2. When the Registrar receives a request for approval pursuant to paragraph (1) he may- a. exempt the society from compliance with regulation 28(2)(a) for any period of time that he considers appropriate; b. restrict the purposes for which the society may use its statutory reserves; or c. do all or a combination of the things mentioned in sub-paragraphs (a) and (b) .    |
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