Amendment status not verified — confirm the current text below against the official source.
Funds of the Federal Co-operative. (1) The Federal Co-operative shall constitute a fund called “Federal Co-operative Fund”. (2) The Federal Co-operative Fund shall consist of,- (i) interest free initial loan of a sum of rupees ten lakhs made by the Government which is repayable within a period of ten years by the Federal Co-operative to Government; and (ii) contributions made by each member Co-operative 1 [every cooperative year] 1 at such rates specified in the bye-laws of the Federal Co-operative. 1.Substituted by Act 4 of 2013 w.e.f. 11.02.2013. (3) The Federal Co-operative shall also maintain a Co-operative Education Fund. (4) If any member Co-operative fails to make the contribution towards the Federal Co-operative Fund without prejudice to any action to which such member Co-operatives is liable under section 68, such Co-operative shall not have a right to vote and contest for any office in the general body meeting of the Federal Co-operative. 1 [62A- Cooperative Education and Training.-(1) The cooperative education fund constituted under clause (xxi) of sub-section (2) of Section 10 shall be utilized for the purpose of promotion of the cooperative movement in the State and for providing education to the members, directors and cooperators of the cooperatives and the general public and training to the employees of the cooperatives; (2) Every co-operative shall pay its Education fund contribution to the account of the Karnataka State Souharda Federal cooperative; (3) All contributions made by the cooperatives towards co-operative education fund and donations received, if any, from any person or institution shall be credited to the cooperative education fund. (4) Every cooperative shall pay the education fund contribution, within thirty days from the date of the annual general meeting to the Federal cooperative. (5) The cooperative education fund shall be maintained and administered by the Karnataka State Souhardha Federation Cooperative Limited in such manner as may be prescribed. (6) No expenditure out of the cooperative education fund shall be incurred without the approval of an advisory committee constituted for the purpose as prescribed] 1