Lawgist.Download the App Now!
Get our Android app for fast and offline Access.
(1) A central society which is provided with moneys by an apex society form the Principal State Partnership Fund shall, with such moneys, establish a fund to be called the Subsidiary state Partnership Fund. (2) A central society shall utilize the Subsidiary state Partnership Fund for the purpose of- (a) purchasing shares in primary societies ; (b) making payments to the apex society in accordance with the provisions of this Chapter and for no other purpose.
<span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(1) A central society which is provided with moneys by an apex society form the Principal State Partnership Fund shall, with such moneys, establish a fund to be called the Subsidiary state Partnership Fund.<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(2) A central society shall utilize the Subsidiary state Partnership Fund for the purpose of-<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(a) purchasing shares in primary societies ;<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(b) making payments to the apex society in accordance with the provisions of this Chapter and for no other purpose.<br><br>