Reserve fund

(1) The reserve fund of a registered society, created in pursuance of the provisions of section 34 (1) of the Act, may, with the sanction of the Registrar– (a) be utilised in the business of the registered society; or (b) be applied to meet occasional deficiencies incurred by the registered society. (2) In sanctioning the utilisation or application of the reserve fund under paragraph (1) of this rule, the Registrar may impose such terms and conditions as he may deem fit.