State Act

THE UTTARAKHAND CO-OPERATIVE SOCIETIES ACT, 2003

45. (1) An apex society which is provided with moneys by the State Government under section 44 shall with such money 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 co-operative societies with limited liability; (b) providing moneys to a co-operative society which includes in its membership other co-operative societies, to enable that society to purchase shares in other affiliated 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; (d) making such other payments as may be permitted by the State Government after the requirements in sub-clause (a),(b) and (c) have been met in full, and for no other purpose.