Section 60: Funds of societies

60. Funds of societies The funds of a society shall consist of— (a) such entrance fee as may be provided for in the rules; (b) any payment made in respect of shares subscribed in accordance with this Act and the rules of the society; (c) any undistributed net surplus required to be allocated to the Reserve Fund; (d) any undistributed net surplus allocated to any fund established under the rules; (e) grants, donations and other contributions from public or private donors; C49 – 33 [Issue 10] Co-Operatives Act (f) loans from members, other societies, banks and public or private financial institutions; (g) deposits from members and other societies; (h) surplus in terms of patronage refund, the disbursement of which is deferred subject to such conditions as may be provided in the rules; (i) any other contribution by members to the capital of the society, pursuant to the rules; and (j) premiums arising on the issue of shares.