Bare ActsThe ARUNACHAL PRADESH COOPERATIVE SOCIETIES ACT

Section 59

Amendment status not verified — confirm the current text below against the official source.

(1) All moneys received by anApex Society in respect of share of other societies purchased from the moneys in Principal State Partner- ship Fund on redemption of such shares or by way of dividends or otherwise, shall be credited to that fund. (2) All moneys received by a Central Society in respect of shares of Primary Societies purchased from the moneys in the Subsidiary State Partnership Fund on redemption of such shares or by way of dividends or otherwise shall in the first instance be credited to that Fund and then transferred to the Apex Society which shall credit them to the Principal State Partnership Fund. (3) All moneys and dividends referred to in sub-sections (1) and (2) shall, notwithstanding that the shares stand in the name of the Apex Society, or the Central Society as the case may be, paid to the Central Government. (4) Same as provided in sub-section (3), the Central Government shall not be entitled to any other return on the moneys provided by it to an Apex Society under Section 52.

Section 59 – The ARUNACHAL PRADESH COOPERATIVE SOCIETIES ACT | DailyLaw.ai