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Section 141: Provision for Guarantee Funds to meet certain losses

The Maharashtra Co-operative Societies Act, 1960State Act of Maharashtra · Act 24 of 1961

(1) It shall be competent for the State Government to constitute one or more Guarantee Funds on such terms and conditions as it may deem fit, for the purpose of meeting losses that might arise as a result of loans being made by the 5[Cooperative Agriculture and Rural Multipurpose Development Banks] on titles to immovable property subsequently found to be defective or for any other purpose under this Chapter, for which in the opinion of the State Government, it is necessary to provide for or create a separate Guarantee Fund.

(2) The 6[State Co-operative Agriculture and Rural Multipurpose Development Bank] and the 7[Cooperative Agriculture and Rural Multipurpose Development Banks] shall contribute to such funds at such rate as may be prescribed, and the constitution, maintenance and utilisation of such Funds shall be governed by such rules, as may be made by the State Government in this behalf.

Where this provision sits

ActThe Maharashtra Co-operative Societies Act, 1960
Section141
Marginal noteProvision for Guarantee Funds to meet certain losses
JurisdictionState of Maharashtra
StatusIn force as published by the source

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