Amendment status not verified — confirm the current text below against the official source.
(1) There shall be established a Co-operative Development and Welfare Fund for the payment of grant or loans to societies for safeguarding the interest of the member societies against any loss or damage to their assets and properties and for utilising for their development activities. (2) The Fund shall vest in and be administered by the Board. (3) The Fund shall consist of.- [(a) initial contribution from the member societies at the rate of Rs. 2 (Rupees two) per Rs. 1000 (Rupees one thousand) of the working capital subject to a maximum of Rs. 2 lakhs (Rupees two lakhs) in respect of- apex and central societies and Re. 1 (Rupee one) per Rs. 1000 (Rupees one thousand) of the working capital subject to a maximum of Rs.1 lakh (Rupees one lakh) in respect of all other societies at the time of admission] (b) Annual renewal contribution at the rate of 10% of the initial contribution. (c) Grant or loans or advances if any made by the State Government. (d) All sums received by the Board from such other sources as may be decided by the Government. (e) Any other amount received by the Board towards the fund. Substituted by Scheme in K. G. Ext. No. 1168 dt. 19/05/2010.