Section 55 in West Bengal Co-operative Societies Act, 2006
(55)"primary agricultural credit Co-operative society" means a Co-operative society, the primary object of which is to create fund for granting short-term crop loan, medium and long-term loan for supplying agricultural inputs to its members and selling of outputs of its members and to undertake rural non-farm sector activities including cottage and small scale industries, allied farm activities including aquaculture, animal husbandry, horticulture, sericulture and such other business, services and activities for development of the rural areas as specified in the by-laws.Explanation.-(a)"short-term" shall mean a term not exceeding one year;(b)[ 'medium-term' shall mean a term exceeding one year but not exceeding five years; and] [Substituted by section 2 of the West Bengal Co-operative Societies (Amendment) Act, 2011 (West Bengal Act No. 14 of 2011), w.e.f. 6.2.2012, before Substituted which was as follows : '(b) medium-term shall mean a term more than one year and less than five years; and'.](c)"long-term" shall mean a term exceeding five years;
