(1) If anApex Society which has established a Principal State Partnership Fund is wound up or dissolved all moneys to the credit of, or payable to that fund shall be paid to the Central Government.
(2) If a Central Society which has established a Subsidiary State Partnership Fund is wound up or is dissolved, all moneys to the credit of, or payable to that fund shall be paid and credited to the Principal State Partnership Fund from which it received moneys under clause (b) of sub-section (2) of section 53.
Idennity of Apex and Central Societies.
Disposal of share capital and dividend, etc.
Disposal of Pricipal or Subsidiary.
State Partnership Fund on State winding up of Apex or Central Society.
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61. Any amount to be credit of a Principal State partnership Fund or a Subsidiary State Partnership Fund shall not form part of the assets of the Apex Society or the Central Society, as the case may be.
62. Subject to the foregoing provisions of the Chapter –
(a) The Central Government may enter into an agreement with anApex Society setting out the terms and conditions on which it shall provide moneys to the Apex Society for the purpose specified in section 52.
(b) An Apex Society may, with the previous approval of the Central Government, enter into an agreement with a Central Society setting out the terms and conditions on which it shall provide moneys to that society from the Principal State Partnership Fund for the purpose specified in clause (b) of sub-section (2) of section 53.
63. Notwithstanding anything contained in any law for the time being in force but subject to such conditions as the Central Government, by general or special order may specify in this behalf, the Central Government may –
(a) Give loans to a society ;
(b) Guarantee the payment of the principal debentures issued by a society or of interest thereon or both or the repayment of the share capital of a society to its members or the payment of dividend thereon at such rates as may be specified by the Central Government ;
(c) Guarantee the repayment of loans given by a Co-operative Bank to a society ;
(d) Guarantee the repayment of the principal and payment of interest on loans and advances given by the Reserve Bank of India or the Industrial Finance Corporation of India or any other authority constituted under any law for the time being in force ; or
(e) Provide financial assistance, in any other form (including subsidies), to a society.
64. The provisions of section 52 to 62 (both inclusive) in this Chapter shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.
CHAPTER – VI Property and Funds of Societies
65. No part of the funds, other than the net profits of a society, shall be paid by way of bonus or dividend, or otherwise distributed among its members ;
Principal or Subsidiary State Partnership Fund not to form part of assets.
Agreement by Central Government and Apex Spociety.
Other form of State aid to societies.
Provisions of this Chapter to over-ride other laws.
Fund not to be divided.
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Provided that a member may be paid remuneration on such scale as may be laid down by the bye-laws for any services rendered by him to the society.