Question

Non Banking Assets are Disposed within --- years from the date of acquisition, with the prior sanction of General body and registrar.

• A. 5
• B. 7
• C. 10
• D. 3

Answer 1

Answer:

B. 7

PROPERTIES AND FUND OF CO-OPERATIVE SOCIETY

Chapter VII, KCS Act (Sec 55 - 62)

Section : 55

• Funds not be divided 

• No part of funds other than net profit shall be distributed among members.

Section : 56

• Disposal of Net Profit

• Net profit shall be divided in the Following manner. 

Sec : 56A

• Disposal of Non Banking Asset

• Disposed within 7 years from the date of acquisition with the prior sanction of General body and registrar.

Sec 57: Investment of Funds

Sec 58: Restriction On Borrowings

Sec 59: Restrictions on Loan

Sec 60 (Rule 57):

• Restriction on other Transactions with non member