Act Number: 39

Act Name: The Multi-State Co-operative Societies Act, 2002

Year: 2002

Enactment Date: 2002-07-03

Long Title: 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.

Ministry: Ministry of Cooperation

Department:

Section 61: Government aid to multi-State co-operative societies.
    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.
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