(1) Where the State Government is competent to remit any tax, cess or fee payable under any law for the time being in force, it may in the case of a co-operative society or class of co-operative societies remit such tax, cess or fee by general or special order.
(2) The State Government may, by notification, remit—
(a) the stamp duty (other than the stamp duty falling within entry 91 or entry 96 of List 1 of the Seventh Schedule to the Constitution of India) in respect of any instrument executed by, or on behalf of, or in favour of, any co-operative society or a class of co-operative societies or an officer or member thereof and relating to the business of such co-operative society or such class of co-operative societies in cases where 348 The West Bengal Co-operative Societies Act, 1983.
XLV of 1983.]
(Chapter VI.—Duties and obligations of co-operative societies.—Section 61.—Chapter VII.—Properties and funds of co-operative societies.—Section 62.)
but for such remission such co-operative society or class of co-operative societies or the officer or member thereof would have been liable to pay the stamp duty chargeable under any law for the time being in force in respect of such instrument:
Provided that no such remission of stamp duty payable by a member of a co-operative housing society in whose favour an apartment in a multistoried building is allotted or to whom such apartment is transferred shall be made if the value of such apartment exceeds one lakh and twenty-five thousand rupees; and
(b) any fee payable by a co-operative society or a class of cooperative societies under any law for the time being in force for the registration of any document.
(3) Notwithstanding anything contained in any other law for the time being in force, the State Government may, by general or special order, grant such preference and such exemption as may be prescribed.
61. No compromise or arrangement between a co-operative society and its creditor shall be made except with the prior approval of the Registrar and in such manner as may be prescribed.
CHAPTER VII Properties and funds of co-operative societies Compromise or arrangement between co-operative society and its creditor.
62. A co-operative society may invest or deposit its funds— Investment
(a) in a Government savings bank; or of funds.
(b) in any security specified in section 20 of the Indian Trusts 2 of 1882. Act, 1882; or
(c) in the share or debenture or security of any other co-operative society with the previous sanction of the Registrar and in the manner prescribed:
Provided that no such sanction shall be necessary where a primary co-operative society invests or deposits its fund in the share or debenture of a central society or an apex society or where a central society or apex society invests or deposits its fund in the share or debenture of a primary co-operative society; or
(d) in such other manner as may be prescribed.
349 The West Bengal Co-operative Societies Act, 1983.
[West Ben. Act Employees' Provident Fund.
(Chapter VII.—Properties and funds of co-operative societies.—Sections 63-68.)