Section 69 in Himachal Pradesh Co-Operative Societies Rules, 1971
69. Co-operative Education Fund.
- [( 1) Every society shall contribute to the 'Co-operative Education Fund', as provided in section 54 of the Act, to be administered by the Himachal Pradesh Co-operative Development Federation (hereinafter mentioned as State Co-operative Development Federation) and in its absence by any other agency duly authorized by the Government in this behalf, at the rate of rupees hundred or three percent of net profit of the year whichever is more but subject to a maximum of Rs. fifteen lacs.] [Amended vide notification No.Coop. A(3)-1/99-Vol.-I dated 25-7-2006 published in Rajpatra dated 27-7-06.](2)[ The contributions payable by society shall be a charge on the funds of the society and shall be recoverable in the manner provided in section 90 of the Act as arrears of the land revenue, and the officer of the society wilfully failing to comply with the requirements of this rule shall be personally liable for making good the amount to the State Co-operative Development Federation, or the authorised agency, as the case may be, the amount so allocated shall be remitted to the State Co-operative Development Federation or the authorised agency, within a period of one year after the close of the Co-operative year for which it was assessed. For the utilisation and administration of the fund, the State Co-operative Development Federation or the authorised agency, as the case may be, shall prepare regulations with the approval of the Registrar.] [Amended vide notification No.Coop. A(3)-1/99-Vol.-I dated 25-7-2006 published in Rajpatra dated 27-7-06 and amended vide extraordinary gazzate dated 1st March, 1997.](3)No part of the Education Fund so administered by the State Cooperative Development Federation or the authorised agency shall be utilised till the permission of the Registrar is obtained, or regulations approved by him.The rule provides for the constitution of a Co-operative Education Fund' which shall be administered by the Himachal Pradesh State Cooperative Development Federation or by any other agency in the absence of the former. The contribution to the fund shall be made by every registered society at the rate of Rs. 100/- or 3% of the net profits derived from the working in a given year subject to a maximum of Rs. 15 lakhs. The rule read with Section No. 54 of the Act, imposes a statutory obligation on every society for making contribution to this Fund.Any society desirous of contributing more than the maximum of 3% of profits may do so with the prior permission of the Registrar but this shall not in any way exceed 5% of the net profits of the year.
