State Act

Kerala Co-operative Societies Act 1969

47a[57A.The Co-operative Development and Welfare Fund.- (1)The Government may, by notification in the Gazette, frame a scheme to be called the Co-operative Welfare and Development Scheme for the establishment of a Fund under this Act and there shall be established, as soon as may be after the framing of the scheme, a Fund to be called the Co-operative Development and Welfare Fund, in accordance with the provisions of this Act and the scheme. 47[(2)A society shall contribute to the Fund at such rates, as may be specified in the scheme.] (3)There shall be credited to the fund,- (a) the contribution to be paid by the society under sub-section (2); and (b)any other amount which, under the provisions of the scheme shall be credited to the Fund. (4)Subject to the provisions of this Act and the scheme, the Co-operative Development and Welfare Fund shall be utilized for payment of grant or loans to societies for the following purposes namely:- (i) for the purpose of safeguarding the interests of the societies against any loss or damage to their assets and properties, despite reasonable precautions to prevent such loss or damage; (ii) for utilizing for the developmental activities of the societies; and (iii) for any other purpose, as may be specified in the scheme. (5)Subject to the provisions of this Act the scheme may provide for the following matters, namely:- (i)the time and manner in which contribution shall be made to the Fund by the societies; (ii)the rate of contribution; (iii)the administration of the Fund; (iv)the purposes for which the Fund may be utilized for developmental activities of the societies; (v)the conditions under which the Fund may be expended for payment of reliefs to the societies; (vi)the manner in which the accounts of the Fund shall be kept; and (vii)any other matter which is to be provided for in the scheme or which may be necessary or proper for the purpose of implementing the scheme.]