Gujarat Co-operative Societies (Amendment) Act, 1994*
| [Gujarat Act No. 17 of 1994] | [27th July, 1994] |
An Act further to amend the Gujarat Co-operatives Societies Act, 1961.
It is hereby enacted in the Forty-fifth Year of the Republic of India as follows:-
* (Received the assent of the Governor on 27th July, 1994 and published in the "Gujarat Government Gazette" on the 27th July, 1994)
1. Short title.- This Act may be called the Gujarat Co-operative Societies (Amendment) Act, 1994.
2. Amendment of section 68 of Guj. X of 1962.- (Guj. X of 1962)- In the Gujarat Co-operative Societies Act, 1961 (hereinafter referred to as ‘the principal Act’), in section 68, for the figures and words "12 per cent.", the figures and words "15 per cent." shall be substituted.
3. Substitution of section 69 of Guj. X of 1962.- In the principal Act, for section 69, the following shall be substituted, namely:-
"69. Contribution to ??? fund of the Gujarat State Co-operative Union.- (1) Every society which declares, out of the current year's profit, a dividend to its members at a rate of 3 per cent, or more, shall contribute towards the education fund of the Gujarat State Co-operative Union at such rate as may be prescribed.
(2) No society, liable to contribute towards the education fund, shall pay a dividend to its members, unless the said contribution is made to the Gujarat State Co-operative Union within two months from the date on which its accounts are adopted by the general body of members at its annual general meeting.
(3) An officer wilfully failing to comply with the requirements of this section, shall be personally liable for making good the amount to the Gujarat State Co-operative Union.
Explanation:-In this section the expression Gujarat State Co-operative Union means federal society established for the State of Gujarat with the object of giving training facilities for familiarising, promoting or ??? in co-operative movement.".