GCSA 53 — Principal State Partnership Fund.

Gujarat Co-operative Societies Act, 1961

Statutory text

(1) An Apex society shall, with the moneys provided under section 52 establish a Fund to be called the "Principal State Partnership Fund".

(2) An apex society shall utilize the Principal State Partnership Fund for the purpose of (a) directly purchasing shares in other societies with limited liability;

(b) providing moneys to a society to enable that society (hereinafter in this Chapter referred to as a "Central society") to purchase shares in other societies with limited liability (the latter societies being hereinafter in this Chapter referred to as "Primary societies");

(c) making payments to the State Government in accordance with the previous of this Chapter; and for no other purpose.

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