Section 62 in The Karnataka Souharda Sahakari Act, 1997
62. Funds of the Federal Co-operative.
(1)The Federal Co-operative shall constitute a fund called "Federal Co-operative Fund".(2)The Federal Co-operative Fund shall consist of,-(i)interest free initial loan of a sum of rupees ten lakhs made by the Government which is repayable within a period of ten years by the Federal Co-operative to Government; and(ii)contributions made by each member Co-operative [every cooperative year] [Substituted by Act 4 of 2013 w.e.f. 11.02.2013.] at such rates specified in the bye-laws of the Federal Co-operative.(3)The Federal Co-operative shall also maintain a Co-operative Education Fund.(4)If any member Co-operative fails to make the contribution towards the Federal Co-operative Fund without prejudice to any action to which such member Co-operatives is liable under section 68, such Co-operative shall not have a right to vote and contest for any office in the general body meeting of the Federal Co-operative.
