section 141
Provision for Guarantee Funds to meet certain losses.
The Maharashtra Co-operative Societies Act 1960Corporate1960178 of 165 sections available26 chapters
Chapter XI AGRICULTURE AND RURAL DEVELOPMENT BANKS
Statutory text
- (1) It shall be competent for the State Government to constitute one or mo Guarantee Funds on such terms and conditions as it may deem fit, for the purpose of meeting losses that might arise as a result of loans being made by the Agriculture and Rural Development Banks on titles of immovable property subsequently found to be defective or for any other purpose under this Chapter, for which in the opinion of the State Government it is necessary to provide for or create a separate Guarantee Fund.
- (2) The State Agriculture and Rural Development Bank and Agriculture and Rural Development Bank shall contribute to such funds at such rate as may be prescribed, and the constitution, maintenance and utilisation of such funds shall be governed by such rules, as may made by the State Government in this behalf.
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