Co-operative Rehabilitation Fund established; contributions, administration and conditional financial assistance for sick societies, subject to eligibility and governance. Sections 63A-63C establish a Co-operative Rehabilitation, Reconstruction and Development Fund funded by mandatory annual contributions from profitable multi State co operative societies; require a Committee appointed by the Central Government to administer the Fund and maintain accounts; authorize the Central Registrar to declare sick societies meeting specified loss and cash loss criteria; enable preparation and implementation of rehabilitation and reconstruction schemes including board reorganisation (with Reserve Bank approval where banks are involved); and permit conditional financial assistance from the Fund for infrastructural needs subject to contribution and limit conditions and Committee recommendation.
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Co-operative Rehabilitation Fund established; contributions, administration and conditional financial assistance for sick societies, subject to eligibility and governance.
Sections 63A-63C establish a Co-operative Rehabilitation, Reconstruction and Development Fund funded by mandatory annual contributions from profitable multi State co operative societies; require a Committee appointed by the Central Government to administer the Fund and maintain accounts; authorize the Central Registrar to declare sick societies meeting specified loss and cash loss criteria; enable preparation and implementation of rehabilitation and reconstruction schemes including board reorganisation (with Reserve Bank approval where banks are involved); and permit conditional financial assistance from the Fund for infrastructural needs subject to contribution and limit conditions and Committee recommendation.
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