State Act

THE UTTAR PRADESH SAHAKARI GRM VIKAS BANK ACT, 1964

9. (1) The State Government may constitute a Guarantee Fund on such terms and conditions as it may deem fit, for the purpose of meeting losses that might arise on account of loans advanced by the [Gram Vikas Bank]4 on the security of mortgages not being fully recovered due to such circumstances as may be prescribed. (2) The [Uttar Pradesh Gram Vikas Bank 2]3 and the [Gram Vikas Bank]4 shall contribute to such fund at such rates as may be prescribed. [(2-A) The State Government may also contribute to the fund from time to time such, amount as it may deem fit.]1 (3) The fund shall be maintained and utilized ill such manner and for such purposes as may be prescribed.