(1) The Union territory Administration may subscribe directly to the share capital of a society with limited liability.
(2) The share capital subscribed by the Union territory Administration under subsection (1) shall not be returned to the Union territory Administration by a society except with the previous approval of the Union territory Administration.
55. Notwithstanding anything contained in any law for the time being in force, but subject to such conditions as the Union territory Administration may, by general or special order, specify in this behalf, it may,—
(a) give loans to a society;
(b) guarantee the payment of the principal of 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 dividends thereon at such rates as may be specified by the Union territory Administration;
(c) guarantee the repayment of the principal of and the payment of interest on, means given by a co-operative bank to a society;
(d) guarantee the repayment of the principal of 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.
4 of 1936.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 21
CHAPTER VI PROPERTY AND FUNDS OF SOCIETIES