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Section 49: Disposal of share capital and dividend, etc.

The Odisha Co-Operative Societies Act, 1962State Act of Odisha · Act 2 of 1963

(1) All moneys received by an Apex Society in respect of shares of other Societies purchased from the moneys in the 'Principal State Partnership Fund' on redemption of such shares or by way of dividends or otherwise, shall be credited to that fund.

(2) All moneys received by a Central Society in respect of shares of Primary Societies purchased from the moneys in the 'Subsidiary State Partnership Fund' on redemption of such shares or by way of dividends or otherwise, shall in the first instance be credited to that fund and then transferred to the Apex Society which shall credit them to the 'Principal State Partnership Fund'.

(3) All moneys and dividends referred to in Sub-Section (1) and Sub- Section (2) shall be paid to the State Government from out of the 'Principal State Partnership Fund'.

(4) Save as provided in Sub-Section (3), the State Government shall not be entitled to any other return on the moneys provided by it to an Apex Society under Section 42.

50. Disposal of 'Principal State Partnership Fund' and 'Subsidi-

1. Substituted by Orissa Act 28 of 1991.

2. Omitted by ibid.

3. Inserted by ibid.

(e) give financial assistance in any other form, including subsidies, to any Society.

Where this provision sits

ActThe Odisha Co-Operative Societies Act, 1962
Section49
Marginal noteDisposal of share capital and dividend, etc.
JurisdictionState of Odisha
StatusIn force as published by the source

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