Section 51 in The Gujarat Co-Operative Societies Act, 1961
51. Direct partnership of State Government in societies.
- [(1)] [Rows Encyclopedia Co-operative Societies Law (Ed. 1996) 876-77] The State Government may subscribe directly to the share capital of a society with limited liability.[Provided that in the case of societies in the co-operative credit structure, the State Government shall not subscribe for more than twenty-five per cent of the total share capital and the State Government or the society shall have the option to reduce the share capital contributed by the State Government.] [Added by Gujarat 1 of 2008, Section 9 (w.e.f. 8.10.2007).](2)[] [Renumbered by Gujarat 23 of 1982] The share capital subscribed by the State Government under sub-section (1) shall not be returned to the State Government by a society except with the previous sanction of the Government.]
