Section 141 in The Gujarat Co-Operative Societies Act, 1961
141. Provision or guarantee funds to meet certain losses.
(1)It shall be competent for the State Government to constitute one or more Guarantee Funds on such terms and conditions as it may deem fit, for the purpose of meeting losses that might arise as a result of loans being made by the [Land Development Banks] [Substituted for the words 'Land Mortgage Bank' by Gujarat 24 of 1964] on titles to immovable property subsequently found to be defective or for any other purpose under this Chapter, for which in the opinion of the State Government, it is necessary to provide for or create a separate Guarantee fund.(2)The [Stale Land Development Bank] [Substituted for the words 'State Land Mortgage Bank' by Gujarat 24 of 1964] and the [Primary Land Development Bank] [Substituted for the words 'Primary Land Mortgage Bank' by Gujarat 24 of 1964] shall contribute to such funds at such rate as may be prescribed, and the constitution, maintenance and utilisation of such funds shall be governed by such rules, as may be made by the State Government in this behalf.
