Amendment status not verified — confirm the current text below against the official source.
Where the State Government has— (a) subscribed to the share capital of a co-operative society, or (b) guaranteed the principal and interest in respect of debentures issued by a co-operative society; or (c) guaranteed the principal and interest in respect of loans and advances to a co-operative society; or (d) assisted a co-operative society with loans or grants out of its own funds, the State Government, or any authority specified by the State Government in this behalf, shall have the right to nominate on the board of the co- operative society not more than three members of the board or one-third of the total number of elected members of the board, whichever is less.