Constitution and utilisation of Cooperative Education Fund.

(1) There shall be constituted a Co-operative Education Fund for the purpose of promotion of Co-operative movement in the State and education of the members and training of the officers of the Cooperative societies on cooperative principles and management practices. All contributions made by the societies form out of their profit in a year, grants-in-aid from the Government of India or the State Government and donations by any persons, shall be credited to the Co-operative Education Fund. (2) Every society shall ensure the education of its members and training of its officers. (3) The cooperative education fund shall be administered and utilised by the Registrar on the advice of a committee constituted for the purpose in the manner prescribed: Provided, that not less than 20% of the cooperative education fund contributed by the societies in a year shall be utilised towards the training of officers of the societies concerned: Provided further, that not less than 50% of the cooperative education fund contributed by the societies shall be utilised on member education programmes in a year.