Section 61
Government aid to multi-State co-operative societies.
The Multi-State Co-operative Societies Act, 2002
About this Act
An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
Notwithstanding anything contained in
any law for the time being in force, the Central Government or a State Government, on receipt of request
from a multi-State co-operative society and with a view to promoting co-operative movement, may,--
(a) subscribe to the share capital of a multi-State co-operative society;
(b) give loans or make advances to a multi-State co-operative society;
(c) guarantee the repayment of principal and payment of interest on debentures issued by a multiState co-operative society;
(d) guarantee the repayment of share capital of a multi-State co-operative society and dividends thereon at such rates as may be specified by the Central Government or the State Government;
(e) guarantee the repayment of principal and payment of interest on loans and advances to a multi-State co-operative society;
(f) give financial assistance in any other form, including subsidies, to any multi-State co-operative society; and
(g) provide aid to any other multi-State co-operative society on such terms and conditions as may be prescribed.
(a) subscribe to the share capital of a multi-State co-operative society;
(b) give loans or make advances to a multi-State co-operative society;
(c) guarantee the repayment of principal and payment of interest on debentures issued by a multiState co-operative society;
(d) guarantee the repayment of share capital of a multi-State co-operative society and dividends thereon at such rates as may be specified by the Central Government or the State Government;
(e) guarantee the repayment of principal and payment of interest on loans and advances to a multi-State co-operative society;
(f) give financial assistance in any other form, including subsidies, to any multi-State co-operative society; and
(g) provide aid to any other multi-State co-operative society on such terms and conditions as may be prescribed.