Fund of Association

Estimated reading: 2 minutes 41 views

(1) The institution37 shall have a separate fund of its own, and the following amounts shall be credited to the fund:

(a) Amount received from the Government of Nepal or 38 native or foreign organization, institution etc. as a grant or loan,
(a1) 39 Amount received upon collecting the microsavings,
(a2) 40 Amount received from a commercial bank or financial institution,
(b) Amount as prescribed out of the fees received from the members of the Association,
(c) Amount of service charge received in consideration for the service provided by the institution,
(d) Amount including interest, fee received from the micro-credit.
(e) Amount received from any other source.
(2) All expenses made in the name of the institution shall be chargeable on the fund as referred to in Sub-section (1).
41Provided that, the amount collected from the micro-saving and received for the micro-credit shall not be spent for other purpose.
(3) 42 Amount of the fund shall be deposited in an account opened with any commercial bank or financial institution, and such account shall be operated as prescribed.
(4) 43 If there is a situation that the institution cannot disburse the micro-credit for the time being, the institution may, with the approval of the Bank, make investment in periodic deposits for a maximum period of six months.

Post a comment

Your email address will not be published.

Share this Doc

Fund of Association

Or copy link

Discover Nepal's laws effortlessly. Our user-friendly platform simplifies legal understanding and accessibility, serving individuals throughout the country.
Working Hours : Mon-Fri, 09am-5pm