Section 41 in The Orissa Co-operative Societies Act, 1962
41. Direct partnership of State Government in Societies.
(1)The State Government may subscribe directly to the share capital of a Society.[Provided that in the case of a Co-operative Credit Society the State Government shall not subscriber directly to the share capital of the said society exceeding twenty-five per centum of the share capital of such society.Explanation I. - Nothing in this Sub-section shall prevent the State Government or a Co-operative Credit Society to reduce the share of the State Government in a Society in such manner as may be prescribed.Explanation II. - In case of reduction of share capital of as Co-operative Credit Society, the decision of the Managing Committee of the Society shall be final.] [Inserted by Orissa Act 1 of 2008 Section 15 (O.G.E. No. 654 dated 20.3.2008).](2)Notwithstanding any agreement to the contrary, the State Government shall not be entitled to a dividend on the shares of any such Society at a rate higher than that at which such dividend is payable to any other share-holder of the Society.
