Amendment status not verified — confirm the current text below against the official source.
(1) To the Development Fund shall be credited -- (a) three-fifths of the annual recurring grant referred to in Section 11; (b) such additional grants as the Central Government may make to the Board for the purposes of the Fund; and (c) such sums of money as may, from time to time, be realised out of repayment of loans made from the Fund or from interest on loans or dividends on investments made from the Fund. (2) The Development Fund shall be applied for advancing loans and granting subsidies to State Governments on such terms and conditions as the Board may deem fit for the purpose of enabling State Governments to subscribe to the share capital of co-operative societies or for otherwise financing co-operative societies.