Amendment status not verified — confirm the current text below against the official source.
AnApex Society which has purchased shares in other societies from the moneys in the Principal State Partnership Fund and a Central Society which has purchased shares in Primary Societies from the money in the Subsidiary State Partnership Fund, shall be entitled only to such dividend on the said share as is decided by the society concerned and is payable to other share holders of the society. 58.(1) If a society in which shares are purchased from the Principal State Partnership Fund is wound up, or is dissolved ·the Central Government shall not have any claim against the Apex Society which purchased the shares in respect of any loss arising from such purchase but the Central Government shall be entitled to any moneys received by the Apex Society in liquidation proceedings or on dissolution as the case may be. (2) If a society in which shares are purchased from the Subsidiary State Partnership Fund is wound up or dissolved neither the Central Government nor the Apex Society shall have any claim against the Central Society which purchased the shares in respect of any loss arising from such purchase ; but the Apex Society shall be entitled to any moneys received by Central Society in liquidation proceedings or on dissolution as the case may Indirect partnership of Central Government in society. Principal State Partnership Fund. Subsidiary State Partnership Fund. Approval of Central Government for purchase of shares. Liability to be limited in respect of certain share. Restriction on amount of dividend. Indemnity of Apex and Central Societies. be and such money shall be credited to the Principal State Partnership Fund.