Amendment status not verified — confirm the current text below against the official source.
Insertion o tinew section (14A. - After‘seetion 64 of the Principal Act, the foilowing new section t14A shail be inserted. namely. — “64A. Binding oi’directions and financial norms.- A primary level Short Term Co—operative Credit Structure or Long Term Co-operative Credit Structure Society shall abide by all directions and financial 11011115 as may be prescribed by the Registrar in consultation with the National Bank 211din case 01Urban Co“Opeiative Banks all directions and financial norms prescribed by the Registia1 01 Co—operative Societies in consultation with the Reseive Bank 0111111121.”. 15-. ’ insertion 01‘ new section 69A. — After section 69 0f the Principal Act. the fo1lowing new section 69A shall be inserted. namely, — (19A. Contribution 01‘ funds and of dividend: (1)N0twithstanding anything contained in the Act the (30113111111th 01 the Registrar shall have no powers to direct any Short Term Co—ope1ative Ciedit Strnctme Society to contribute to any tund other than those iequired fox impioying the net worth, 01 own funds. - 1 —7— (2) Notnriflletanding' anything contained. in the Act, a Primary Agricultural Co-operative Credit Society may‘pay dividend in accordance With the guidelines framed. by the Registrar in consultation With the Nanonal Bank”.