The State Government may subscribe directly to the share capital of a society with limited liability, upon such terms and conditions as may be agreed upon :
1 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 5(b).
2 This Explanation was added by Mah. 50 of 1977, s. 3(b).
3 Sub-section (1) was substituted by Mah. 20 of 1986, s. 21(a).
4 These words were substituted for the words “On the execution of such agreement” by Mah. 20 of 1986, s. 21(b)(i).
5 These words were substituted for the words “society does not intimate that the whole of such debt or demand has been paid,” by Mah. 20 of 1986, s. 21(b)(ii).
6 This portion was substituted for the portion beginning with the words “payment thereof” and ending with the words “wages in arrears” by Mah. 20 of 1986, s. 21(c).
1961 : Mah. XXIV] The Maharashtra Co-operative Societies Act, 1960 43 1[Provided that, in the case of the co-operative credit structure entity, the State Government shall not hold more than 25% of the total share capital and the entity shall have option to further reduce the share capital contributed by the Government.]