Section 48 in Jammu and Kashmir Co-Operative Societies Act, 1989
48. Liability to be limited in respect of certain shares.
- Where any shares are purchased in a co-operative society by -(a)the Government; or(b)an apex society or a central society from the 'Principal Government Partnership Fund' or the 'Subsidiary Government Partnership Fund' as the case may be; the liability in respect of such shares shall, in the event of the co-operative society being wound up, be limited to the amount paid in respect of such shares.
