Collaboration by Co-operative Societies

(1) Any co-operative society or co-operative societies may enter into collaboration with any Government undertaking or any other undertaking approved by the State Government to carry out any one or more specified business provided in the bye-laws of such society or societies including industrial investment, financial aid or marketing and management expertise. Provided that no such partnership shall be entered into without prior permission of the Registrar in the case of an assisted society and of the Reserve Bank of India in the case of a Co-operative Bank (2) Before approving such schemes of collaboration under sub-section (1), the Registrar or Reserve Bank of India, as the case may be shall have due regard to the following matters, namely:- (a) the scheme is economically viable; (b) It can be implemented without, in any way, altering the co-operative character of the co-operative society or the co-operative societies; (c) the scheme is in the interest of the members of the co-operative society or co-operative societies or is in the public interest or in the interest of the co-operative movement, in general (d) in the case a of Co-operative Bank, the scheme is not detrimental to the interest of depositors or Banking Policy