Section 61Government aid to multi-State co-operative societies

Section 61: 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 view 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 multiState 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.