Section 88 in Sikkim Co-Operative Societies Act, 1978
88. Business which the State Co-operative Bank may transact.
- It shall be lawful for the State Co-operative Bank to carryon all or any of the following business viz.:(1)to do banking business as defined in Clause (b) of 'section 5 and section 6 (1) read with section 56 of the Banking Regulation Act, 1949 or any other law for the time being in force and in general to carryon and discharge such functions and business as are usually undertaken by banks or banker's;(2)to serve as an apex bank for the co-operative societies and 'to provide all types of financial accommodation, including short, medium and long-term loans for all kinds of economic activities, including agriculture and allied activities, industry, trade and commerce, to Cooperative societies as well as to other persons including firms, companies or other corporate bodies;(3)to act as an agent of the Reserve Bank in the matter of operating currency chests on such terms and conditions as may be mutually agreed upon; and(4)to open branches, pay offices or regional offices in any part of the State of Sikkim or outside Sikkim with the previous sanction of the Registrar.
