Contribution to educational fund of the federal society notified by the Government

(1) Every society which declares, a dividend to its members at a rate of four per cent or more, shall contribute towards the educational fund of such federal society as may be notified in this behalf by the Government at such rate as may be prescribed. (2) No society, liable to contribute towards the educational fund, shall pay a dividend to its members, unless the said contribution is made to the federal society notified as aforesaid. An officer willfully failing to comply with the requirement of this section, shall be personally liable for making good the amount to the federal society notified as aforesaid . (3) Notwithstanding anything contained sub-section (1), there shall be no compulsion on a cooperative credit structure society for contribution to any funds other than those required for improving its net worth or its owned funds.