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Section 58: Indemnity of apex and central societies

The Puducherry Co-Operative Societies Act, 1972Union territory Act of Puducherry · Act 7 of 1973

(1) If a registered society in which shares are purchased from the Principal State Partnership Fund is wound up or is dissolved, the Government shall not have any claim against the apex society which purchased the shares in respect of any loss arising from such purchase.-

Provided that the apex society shall remit to the Government any money received from the liquidator of the dissolved society in repayment of the share capital invested in the society from the said Partnership Fund and any dividend paid on such share capital.

(2) If a registered society in which shares are purchased from the Subsidiary State Partnership Fund is wound up or is dissolved, neither the Government nor the apex society shall have any claim against the central society which purchased the shares in respect of any loss arising from such purchase:

Provided that the central society shall credit to the Subsidiary State Partnership Fund and remit to the apex society to the credit of the Principal State Partnership Fund any money received from the liquidator of the dissolved society in repayment of the share capital invested in the society from the Subsidiary State Partnership Fund.

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Where this provision sits

ActThe Puducherry Co-Operative Societies Act, 1972
Section58
Marginal noteIndemnity of apex and central societies
JurisdictionUnion territory of Puducherry
StatusIn force as published by the source

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