Section 15(1) in The Karnataka Souharda Sahakari Act, 1997
(1)Any Co-operative may, by a resolution passed at its general meeting by a majority of members present with a right to vote, promote one or more subsidiary organisations for the furtherance of its objectives and such organisations may be registered under any law for the time being in force.[Provided that a Co-operative Bank shall not promote a subsidiary, nor shall a Co-operative promote a subsidiary whose by-laws permit the carrying on of banking business, without the prior permission of the Reserve Bank in writing.] [Inserted by Act 21 of 2004 w.e.f. 31.3.2004.][Provided further that, subject to such rules as may be prescribed, no co-operative shall promote or invest in subsidiary organizations without prior approval of the registrar.] [Inserted by Act 26 of 2016 w.e.f. 24.12.2016.]
