Contribution to education fund of Gujarat State Co-operative Union.

(1) Every society which declares, out the current year’s profit, a dividend to its members at a rate of 3 per cent. or more, shall contribute towards the education fund of the Gujarat State Co-operative Union at such rate as may be prescribed. (2) No society, liable to contribute towards the education fund, shall pay a dividend its members, unless the said contribution is made to the Gujarat State Co-operative Union within two months from the date on which its accounts are adopted by the general body of members at its annual general meeting. (3) An office willfully failing to comply with the requirements of this section, shall be personality liable for making good the amount to the Gujarat State Co-operative Union. (4) The provisions of sub-sections (1) to (3) shall not apply to the societies in the co-operative credit structure. Explanation:- In this section the expression “Gujarat State Co-operative Union” means federal society established for the State of Gujarat with the object of giving training facilities for familiarizing, promoting or encouraging in co-operative movement.