Amendment of section 49

Amendment of section 49.—In section 49 of the principal Act, for sub-section (1), the following sub-section shall be substituted, namely:—

1. (1) A society shall create and maintain a reserve fund, and may create other funds as may be provided by its bye-laws: Provided that, a society may, and if required by the Registrar shall, create a Co-operative Education Fund out of its net profits, as may be prescribed, and contribution to this fund shall be paid to the Goa State Co-operative Union Limited in the prescribed manner.