Section 35(10) in The Delhi Co-Operative Societies Act, 2003
(10)Notwithstanding anything contained in sub-section (1) to sub-section (9), where the Government has subscribed to the share capital of a co-operative society, the Government shall have right to nominate on the committee such number of persons as its members on the following basis, namely -(a)where the total amount of issued equity share capital held by the Government is less than twenty six per cent of the total issued equity share capital, one member on the committee;(b)where total amount of issued share capital held by the Government is twenty six per cent or more, but less than fifty one per cent of the total equity share capital, two members on the committee;(c)[ where the total amount of issued equity share capital held by the Government is fifty one per cent but less than sixty per cent of the total issued share capital, three members of the committee: [[Substituted bylhi Act 1 of 2005, section 6, for clause (c) (w.e.f. 1-4-2005). Clause (c), before substitution, stood as under:"(c) where the total amount of issued equity share capital held by the Government is fifty-one per cent or more of the total issued share capital, three members of the committee:Provided that the number of such nominated persons shall not exceed one-thirds of the total number of members of the committee or three, whichever is less:Provided further that where the Government has guaranteed repayment of principal and payment of interest on debenture issued by the co-operative society or guaranteed repayment of principal and payment of interest on loans and advances to a co-operative society, the Government shall have the right to nominate a person on the committee of such a co-operative society as may be prescribed:Provided also that in case of a financing bank, there shall be a Director on the Board from NABARD with or without any share holding with the right of vote in the affairs thereof;"]]Provided that in case of a financing bank, there shall be a Director on the Board from NABARD with or without any share holding with right to vote in the affairs thereof;](cc)[ where the total amount of issued equity share capital held by the Government is sixty per cent or more of the total issued share capital or the Government has given loan or made advances to the co-operative society or guaranteed the repayment of principal and payment of interest on debentures or bonds issued by the co-operative society or guaranteed the payment of principal and payment of interest on loan and advances to the co-operative society in amount not less than sixty percent in the aggregate of the total amount so borrowed by the co-operative society, members of the committee including the Chairman in the following manner, namely: -- [[Substituted by Delhi Act 2 of 2012, section 3, for clause (cc) (w.e.f. 14-2012, vide Notification F. No. 47/ Policy/2011/97, dated 1st May, 2012). Earlier it was inserted by Delhi Act 1 of 2005, section 6 (w.e.f. 1-4-2005). Clause (cc), before substitution, stood as under:"(cc) where the total amount of issued equity share capital held by the Government is sixty per cent or more of the total issued share capital or the Government has given loan or made advances to the co-operative society or guaranteed the repayment of principal and payment of interest on debentures or bonds issued by the co-operative society or guaranteed the payment of principal and payment of interest on loan and advances to the co-oerative society in amount not less than sixty per cent in the amount so borrowed by the co-operative society, three-fourth of members of the committee including the Chairman:Provided that the right once accrued under this clause shall continue until the percentage of the amount in respect of share contribution or guaranteed loan goes down to less then fifty percent."]]Percentage held by Government--------percentage of members of the committee to be nominated by the GovernmentSixty to seventy per cent---------Seventy per cent;Seventy to eighty per cent---------Eighty per cent;Eighty to ninety per cent----------Ninety per cent;above ninety per cent----------Hundred per cent;Provided that the right once accured under this clause shall continue until the percentage of the amount in respect of share contribution or guaranteed loan goes down to less than eixty per cent;](d)where the Industrial Finance Corporation of India or a federal co-operative society or a financing bank or the Delhi Financial Corporation Ltd. or any other financing institution notified in this behalf by the Government has provided finance to a co-operative society, the Industrial Finance Corporation of India or such federal co-operative society or financing bank or the Delhi Financial Corporation Ltd., or such other financing institution, as the case may be, shall have the right to nominate one person on the committee.
