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 assistance in any other form including subsidies to any co-operative society.