(1) If an apex society which has established a principal partnership fund is wound up or is dissolved, all moneys to the credit of, or payable to, that fund shall be paid to the State Government.
(2) If a central society which has established a subsidiary State partnership fund is wound up or is dissolved, all moneys to the credit of, or payable to, that fund shall be paid and credited to the principal State partnership fund from which it received moneys under clause (d) of sub-section (2) of section 45.
Principal State partnership fund and subsidiary State partnership fund not to form part of the assets
53. Any amount to the credit of a principal State partnership fund or a subsidiary State partnership fund shall not form part of the assets of the apex society or the central society as the case may be.
Terms and conditions for providing moneys
54. Subject to the foregoing provisions of this Chapter-
(a) The State Government may enter into an agreement with an apex society setting out the terms and conditions on which it shall provide moneys to the apex society for the purpose specified in section 45;
(b) An apex society may, with the previous approval of the State Government, enter into an agreement with a central society, setting out the terms and conditions on which it, shall provide moneys to that society from the principal State partnership fund for the purpose specified in clause (a) of sub-section (2) of section 46.
Other forms of State aid to cooperative societies
55. Subject to the rules made in this behalf, the State Government may---
(a) give loans or make advances to co-operative societies;
(b) guarantee the repayment of principal and payment of interest on debentures issued by a co-operative society;
(c) guarantee the repayment of principal and payment of interest on loans and advances to a co-operative society; and
(d) give financial assistance in any other form including revolving fund (interest free Loan) and subsidies, to a co-operative society.
Provision of this Chapter to override other laws
56. The provisions of this Chapter shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.
CHAPTER VII PROPERTIES AND FUNDS OF CO-OPERATIVE SOCIETIES Fund not to be divided
57. Except as otherwise specifically provided in this Act, no part of the funds other than the net profits of a co-operative society shall be paid by way of bonus or dividend or otherwise distributed among its members :
Provided that a member may be paid remuneration on such scale as may be laid down in the bye-laws for any services rendered by him to the cooperative society.
Disposal of net profits