State Act

THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959.

43. Principal State Partnership Fund.- (1) An apex society which is provided with moneys by the State Government under section 42 shall, with such moneys, establish a Fund to be called the ‘Principal State Partnership Fund’. (2) An apex society shall utilise the ‘Principal State Partnership Fund’ for the purpose of,— (a) directly purchasing shares in other co-operative societies with limited liability; (b) providing moneys to a co-operative society (hereinafter in this Chapter referred to as central society) to enable that society to purchase shares in other co-operative societies with limited liability (hereinafter in this Chapter referred to as primary societies); (c) making payments to the State Government in accordance with the provisions of this Chapter; and for no other purpose.