State Act

THE JAMMU AND KASHMIR CO-OPERATIVE SOCIETIES ACT, 1989

43. Direct partnership of Government in Co-operative Societies (1) The Government may subscribe directly to the share capital of co-operative society with limited liability. (2) Notwithstanding any agreement to the contrary, the Government shall not be entitled to a dividend on the shares of any such co-operative society at a rate higher than that at which such dividend is payable to any other shareholder of the society. 1[(3) Notwithstanding anything contained in sub-section (1), the share capital contribution by the Government in case of a Co-operative Credit Structure Society shall not exceed twenty five percent of the share capital and the Government or such Society may reduce the Government's subscription further at its choice.]