Amendment status not verified — confirm the current text below against the official source.
(1) The Government may, notification in the Gazette, frame a scheme to be called the Cooperative Welfare and Development Scheme for the establishment of a fund under this Act and there shall be established, as soon as may be after the framing of the scheme, a Fund to be called Cooperative Development and Welfare Fund, in accordance with the provisions of this Act and the scheme; 65A[(2) A society shall contribute to the Fund at such rates as may be specified in the scheme.] (3) There shall be credited to the Fund:- (a) the contribution to be paid by the Society under sub-section (2); and (b) any other amount which, under the provisions of the scheme, shall be credited to the Fund. (4) Subject to the provisions of this Act and the scheme, the Cooperative Development and Welfare Fund shall be utilised for payment of grant or loans to societies for the following purposes, namely:- (i) for the purpose of safeguarding the interests of the societies against any loss or damage to their assets and properties, despite reasonable precautions to prevent such loss or damage; (ii) for utilising for the developmental activities of the societies; and (iii) for any other purpose as may be specified in the scheme. (5) Subject to the provisions of this Act the scheme may provide for the following matters, namely:- (i) the time and manner in which contribution shall be made to the Fund by the societies; (ii) rate of contribution; (iii) the administration of the Fund; (iv) the purpose for which the Fund may be utilised for developmental activities of the societies; (v) the conditions under which the Fund may be expended for payment of reliefs to the societies; (vi) the manner in which the accounts of the Funds shall be kept; and (vii) any other matter which is to be provided for in the scheme or which may be necessary or proper for the purpose of implementing the scheme. Inserted by Act 1 of 2000 shall come into force on the date that will be notified later. Substituted by Act 7 of 2010 w.e.f. 28-04-2010.