Section 5(1) in The M.P. Swayatta Sahakarita Adhiniyam, 1999
(1)Notwithstanding anything contained in the Co-operative Societies Act, the co-operative society other than a housing co-operative society registered and functioning under the Co-operative Societies Act, which intends to convert itself into co-operative, may apply for conversion under this Act:[Provided that where the Central Government or State Government have given share capital, loan or Government guarantee to a co-operative society intending to convert itself into a swayatta co-operative under this Act, the co-operative society shall, before applying for under this Act, return such share capital, loan or guarantee to such Government, and such Government shall accept such returned share capital, loan or guarantee as the case may be.] [[Substituted by M.P. Act No. 24 of 2001 (w.e.f. 15-10-2001). Prior to substitution it read as under:'Provided that where the Central Government or State Government have given share capital, loan, Government guarantee or grant to a co-operative society intending to convert itself into a swayatta co-operative .under this Act, the co-operative society shall, before applying for under this Act, return such share capital, loan or guarantee to such Government, and such Government shall accept such returned share capital, loan or guarantee or grant as the case may be.']]
