Amendment status not verified — confirm the current text below against the official source.
In the principal Act, after Section42, the following Section 42 as section shall be inserted, namely:- Section 42-A Provided that in the case of Societies in the Cooperatives Credit Structure, shall have the fieedom to obtain loans fiom any Bank or financial institutions regulated by RBI and refinance from NABARD or any other refinancing agency directly or through any RBIregulated fmancial institutions To be re-numbered And added in Section 43 as andnot necessary from the federal society to which is afliliated ". 1 0. In the Principal Act, in section 43, the existing section shall be renumbered as Sub-section (1) of the section and after Sub-section (1) as so renumbered, clause(2) the following Sub-section shall be added, namely:- "(2) 25% State equity shall be applicable to the State Cooperative Bank (SCB) in the normal course, the State Government may be further allowed to contribute equity above the limit only in case of equity infusion as required in the SCB in accordane with Section 11 (1) of the BRAct 1949 (AACS) provide that there shall be only one Government representative on the Board of SCB duly nominated by the authority concerned. The CEO of the SCB shall not be treated as the representative on the Board. However, in case of the Board of PACS/MPCS/LAMPS/FSS, there shall be no Government nominee. The State or a Cooperative may reduce or enhance the State equity at any level if so advice." To be added in