Promotion and subsidiary organisation

(1) Any Cooperative Society may, by a resolution passed at general meeting by a majority of members present having voting right, promote one or more subsidiary organisations for the furtherance of its stated objectives, and such organisation or organisations may be registered under any law for the time being in force, as agreed to by the general body. (2) The annual reports and accounts of any such subsidiary organisation shall be placed before are general meeting of the promotion Cooperative Society every year. (3) Any subsidiary organisation created under sub-section (1) shall exist only as long as general body of the Cooperative Society deems its existence necessary.