BANK Rajasthan Cooperative Board Clerk / Junior Assistant Mock Test 2021 Banking and Financial Awareness
Which of the following statement is not correct about Object and investment of reserve fund?
1
A reserve fund maintained by a co-operative society shall belong to the society and is intended to meet unforeseen losses
2
A co-operative society shall not investor deposit its reserve fund except in one or more of the modes mentioned in clauses (a) to (b) of section 49 of the Act
3
The Reserve Fund of a society shall be available, with the sanction of the Registrar, for being utilised for any of the following purposes, subject to the conditions that the amount drawn shall be reimbursed as directed by the Registrar, unless the Registrar, dispenses with such reimbursement in special cases
4
A reserve fund shall be indivisible and any member shall have any claim to a share in it.
5
No co-operative society whose reserve fund has been separately invested or deposited shall draw upon, pledge, or otherwise employ such fund, except with the sanction of the Registrar previously obtained in writing