Section 48 in The U.P. Co-operative Societies Act, 1965
48. Liability to be limited in respect of certain shares.
- Where any shares are purchased in a co-operative Society by -(a)the State Government; or(b)an apex society from the Principal State Partnership Fund; or(c)a central society from the Subsidiary State Partnership Fund,the liability in respect of such shares shall, in the event of the co-operative society being wound up be limited to the nominal value of the shares.
