law: Co-Operative Societies Act 2008 
  31.
  
  Use of Statutory Reserves
  1.      Subject to the
  
  written approval of the Registrar, a society may use its statutory reserves for
  
  the following purposes-
  a.     
  
    make
  
  good deficiencies created by its operations; and
  b.    
  
    to
  
  recoup losses on its investments that cannot be covered from income for the
  
  year in which the loss was sustained.
  2.      When the Registrar
  
  receives a request for approval pursuant to paragraph (1) he may-
  a.     
  
    exempt
  
  the society from compliance with regulation 28(2)(a) for any period of
  
  time that he considers appropriate;
  b.    
  
    restrict
  
  the purposes for which the society may use its statutory reserves; or
  c.     
  
    do
  
  all or a combination of the things mentioned in sub-paragraphs (a) and (b) .