Limits on deposit taking
246 Limits on deposit taking
A co‑operative cannot accept money on deposit unless —
the co‑operative is authorised by its rules to accept money on deposit and was authorised by its rules immediately before the commencement of this section to accept money on deposit; or
the co‑operative was a deposit‑taking corporation immediately before it became a co‑operative and it is authorised by its rules to accept money on deposit; or
in the case of a merged co‑operative, one or more of the co‑operatives involved in the merger was a deposit‑taking co‑operative immediately before the registration of the merged co‑operative and the merged co‑operative is authorised by its rules to accept money on deposit.
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