Multi-State Co-operative Societies Act,2002

Act No : 39

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Section : Government aid to multi-State co-operative societies.

61. Government aid to multi-State co-operative societies.-Notwithstanding anything contained in any law for the time being in force, the Central Government or a State Government, on receipt of request from a multi-State co-operative society and with a vi w to promoting co-operative movement, may,- (a) subscribe to the share capital of a multi-State co-operative society; (b) give loans or make advances to a multi-State co-operative society; (c) guarantee the repayment of principal and payment of interest on debentures issued by a multi-State co-operative society; (d) guarantee the repayment of share capital of a multi-State co-operative society and dividends thereon at such rates as may be specified by the Central Government or the State Government; (e) guarantee the repayment of principal and payment of interest on loans and advances to a multi-State co-operative society; (f) give financial assistance in any other form, including subsidies, to any multi-State co-operative society; and (g) provide aid to any other multi-State co-operative society on such terms and conditions as may be prescribed.

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