(1) A Central Society Which is provided with money by an . Apex Society from the Principal State Partnership Fund shall, with Such moneys, establish a Fund to be called the “Subsidiary State Partnership Fund”.
(2) A Central Society shall utilise the Subsidiary State Partnership Fund for the purpose of—-
(a) purchasing shares in Primary societies ;
(b) making payments to the Apex Society in accordance With the provisions of this Chapter ;
and for no other purpose.
54. Shares shall not be purchased in a society from the moneys in the Principal State Partnership Fund or the Subsidiary State Partnership Fund, except With the previous approval of the State Government.
55. Where any shares are purchased in a society by—
(a) the State Government ; or
(b) an Apex Society from the Principal State or a, Central Society from the Subsidiary State Partnership Fund, as the case may be ;
21 Indirect partnership of State Govt.
in Societies.
Principal state Partnership Fund.
Subsidiary Sta to Pattnership Fund.
Approval of State Government for for purchase of shares, Liability to be limited in respect of certain shares, Partnership Fund, 22 Restriction on amount of dividend.
Indemnity of Apex and Central Societies.
Disposal of share capital and dividend etc.
Disposal of principal or subsidiary state partnership fund on winidng up of Apex or Central society, the liability in respect of such shares shall, in the event of the soder of Which the shares are purchased is wound up, be limited to fit amount paid in respect of such shares.
56. An Apex Society which has purchasad shares in other societ'n from the moneys in the Principal State Partnership Fund, and a Cental Society which has purchaSed shares in Primary societies from thmoneys in the Subsidiary State Partnership Fund, shall be entitled only to such dividend on the said shares as is declared by the societyconcerned and is payable to other share holders of that society.