section 57
Indemnity of Apex and Central societies.
The Maharashtra Co-operative Societies Act 1960Corporate1960178 of 165 sections available26 chapters
Chapter V STATE AID TO SOCIETIES
Statutory text
- (1) If a society in which shares are purchased from the Principal State Partnership Fund is wound up, or is dissolved, the State Government shall not have any claim against the Apex society which purchased the shares in respect of any loss arising from such purchase; but the State Government shall be entitled to any moneys received by the Apex society in liquidation proceedings or on dissolution, as the case may be.
- (2) If a society in which shares are purchased from the Subsidiary State Partnership Fund is, wound up or dissolved, neither the State Government nor the Apex society shall have any claim against the Central society which purchased the shares in respect of any loss arising from such purchase; but the Apex society shall be entitled to any moneys received by the
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