Section 25
Deposits by or on behalf of child
of Co-Operative Societies Act 1993
ActIn forceProvision 30 of 119
Section 25
(1)
A co-operative society may receive deposits from or for the benefit of children and the co-operative society may pay a bonus out of its net profit on such deposits.
(2)
Any deposit made by or for the benefit of the child may, together with the bonus, be paid to the child or to the guardian of that child for the use of that child.
(3)
The receipt of any child or guardian for money paid to him by a co-operative society under this section shall be a sufficient discharge of the liability of the co-operative society in respect of that money.