Lawgist.Download the App Now!
Get our Android app for fast and offline Access.
(1) If a co-operative society in which shares are purchased from the Principal State Partnership Fund is would up or is dissolved, the State Government shall not have any claim against an apex society which purchased the shares in respect of any loss arising from such purchase, but the State Government shall be entitled to any moneys received in connection with such shares by the apex society in winding up proceedings or on dissolution, as the case may be. (2) If a co-operative society in which shares are purchased from the Subsdiary State Partnership Funds is wound up or is dissolved, neither the State Government nor the apex society shall have any claim against the central society which purchased the shares in respect of any loss arising from such purchase; but the apex society shall be entitled to any moneys received in connection with such shares by the central society in winding up proceedings or on dissolution as the case may be, and such moneys shall be credited to the Principal Sate Partnership Fund.
<span style="margin-left:15px;"></span><span style="margin-left:15px;"></span><span style="margin-left:15px;"></span> (1) If a co-operative society in which shares are purchased from the Principal State Partnership Fund is would up or is dissolved, the State Government shall not have any claim against an apex society which purchased the shares in respect of any loss arising from such purchase, but the State Government shall be entitled to any moneys received in connection with such shares by the apex society in winding up proceedings or on dissolution, as the case may be.<br> <span style="margin-left:15px;"></span><span style="margin-left:15px;"></span>(2) If a co-operative society in which shares are purchased from the Subsdiary State Partnership Funds is wound up or is dissolved, neither the State Government nor the apex society shall have any claim against the central society which purchased the shares in respect of any loss arising from such purchase; but the apex society shall be entitled to any moneys received in connection with such shares by the central society in winding up proceedings or on dissolution as the case may be, and such moneys shall be credited to the Principal Sate Partnership Fund.<br><br>