Amendment status not verified — confirm the current text below against the official source.
(1) Any Co-operative society may, by a resolution passed at a general meeting by a two-third majority of members present and voting, promote one or more subsidiary organisation for the furtherance of its stated objectives, and such organisation or organisations may be registered under any law for the time being in force, as agreed to by the general body. (2) The annual reports and accounts of any such subsidiary organisation shall replace before the general meeting of the promoting Co-operative societies each year. (3) Any subsidiary organisation created under sub-section (1) shall exist only as long as the general body of the Co-operative society deems its existence necessary.