Section 494

(1) With effect from such date, as may be fixed, the State Government may constitute a Guarantee Fund in accordance with the provisions of Section 161 of the Act. The Uttaranchal State Co-operative Bank shall contribute to such fund annually within three months of the close of a co-operative year a sum at the rate of one paisa per hundred rupees of the loan advanced during the proceeding co-operative year. (2) The State Government may also contributed to the Fund from time to time such amount as it may deem fit.