Amendment status not verified — confirm the current text below against the official source.
Societies to be bodies corporate. - The registration of a society shall render it a body corporate by the name under which it is registered, with perpetual succession and a common seal and with power to acquire and hold property, to enter into contract, to institute and defend suits and other legal proceedings and to do all thing necessary for the purposes for which it is constituted. [13A. Promotion of Co-operative movement by Government. - (1) It shall be the duty of the State Government to encourage and promote the co-operative movement in the State and to take such steps in this direction as may be necessary. (2) Without prejudice to the generality of the provisions contained in subsection (1), the State Government may,- (a) with a view to aid the growth of a registered society in general or of any class of registered societies subscribe directly to the share capital of a registered society; (b) assist indirectly in the formation and augmentation of the share capital of a registered society; (c) give loans or make advances to a registered society or guarantee repayment of principal and payment of interest on debentures issued by a registered society or guarantee repayment of principal and payment of interest on loans or advances to a registered society.]