Section 57A in Kerala Cooperative Societies Act, 1969
57A. [ The Co-operative Development and Welfare Fund. [Inserted by Kerala Act No. 1 of 2000.]
(1)The Government may, by notification in the Gazette, frame a scheme to be called the Co-operative Welfare and Development Scheme for the establishment of a Fund under this Act and there shall be established, as soon as may be after the framing of the scheme, a Fund to be called the Co-operative Development and Welfare Fund, in accordance with the provisions of this Act and the scheme.(2)[ A society shall contribute to the Fund at such rates as may be specified in the scheme.](3)There shall be credited to the fund,--(a)the contribution to be paid by the society under sub-section (2) ; and(b)any other amount which, under the provisions of the scheme shall be credited to the Fund.(4)Subject to the provisions of this Act and the scheme, the Co-operative Development and Welfare Fund shall be utilized for payment of grant or loans to societies for the following purposes namely:-(i)for the purpose of safeguarding the interests of the societies against any loss or damage to their assets and properties, despite reasonable precautions to prevent such loss or damage;(ii)for utilizing for the developmental activities of the societies; and(iii)for any other purpose, as may be specified in the scheme.(5)Subject to the provisions of this Act the scheme may provide for the following matters, namely:-(i)the time and manner in which contribution shall be made to the Fund by the societies;(ii)the rate of contribution;(iii)the administration of the Fund;(iv)the purposes for which the Fund may be utilized for developmental activities of the societies;(v)the conditions under which the Fund may be expended for payment of reliefs to the societies;(vi)the manner in which the accounts of the Fund shall be kept; and(vii)any other matter which is to be provided for in the scheme or which may be necessary or proper for the purpose of implementing the scheme.
