Amendment status not verified — confirm the current text below against the official source.
The Central Government may, under appropriation made by law, provide moneys to a society for the purchase directly or indirectly of shares in other societies with limited liability. (A society to which moneys are so provided for the aforesaid purpose is hereinafter in this Chapter referred to as an 'Apex Society). 53.(1) An Apex Society which is provided with moneys as aforesaid shall, with such moneys 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 societies with limited liability; b. providing moneys to a society to enable that society (hereinafter in this referred to as a Central Society to purchase share in other societies with limited liability (the later societies being hereinafter in this Chapter referred to as Primary Societies): c. Making payments to the Central Government in accordance with the provisions of this Chapter and for no other purpose.