Amendment of section 13A of Act VI, 1935

Sub-sections (1) and (2) of section 13A of the said Act shall be substituted by the following, namely:- "(1) It shall be the responsibility of the State Government to encourage and promote the voluntary formation, autonomous functioning, democratic control and professional management of co-operative societies in the State and to take such steps in this regard as may be necessary. (2) Subject to the provisions of sub-section (1), for the promotion and development of a co-operative society, the State Government, if it deems necessary, may: (a) subscribe directly to the share capital of a co-operative society with a view to assist the development of any class of general or registered co-operative society; (b) assist in the formation and strengthening of the share capital of a co-operative society; (c) give loans or advances to a co-operative society or guarantee the repayment of principal and payment of interest on debentures issued by the co-operative society or guarantee the repayment of principal and payment of interest on any loan or advance given to a co-operative society."