Other forms of State aid to co-operative societies

Notwithstanding anything contained in any law for the time being in force, the Government may:- (a) subscribe to the share capital of a co-operative society; (b) give loans or make advances to a co-operative society; (c) guarantee the repayment of principal and payment of interest on debentures issued by a co-operative society; (d) guarantee the repayment of share capital of a co-operative society and dividends thereon at such rates as may be specified by the Government; (e) guarantee the repayment of principal and payment of interest on loans and advances to a co-operative society; and (f) give financial assistant in any other form, including grants and subsidies, to a co-operative society. Every co-operative society shall contribute three percent, out of its net profit of the year to the co-operative education fund to be administered by State Co-operative Union. The contributions payable by a co-operative society shall be a charge on funds of co-operative society and shall be recoverable in the manner as provided for in section 67. The State Co-operative Union shall prepare regulations with the approval of the Registrar for the utilization and administration of the fund.