Section 60 in The Tamil Nadu Co-Operative Societies Act, 1983
60. Disposal of share capital and dividend, etc.
(1)All moneys received by an apex society in respect of shares of other registered societies purchased from the money in the Principal State Partnership Fund on redemption of such shares or byway of dividends or otherwise shall be credited to that Fund.(2)All moneys received by a central society in respect of shares of primary societies purchased from the moneys in the Subsidiary State Partnership Fund on redemption of such shares or by way of dividends or otherwise, shall, in the first instance, be credited to that Fund and then transferred to the apex society which shall credit them to the Principal State Partnership Fund.(3)All moneys and dividends referred to in sub-section (1) and sub-section (2) shall, notwithstanding that the shares stand in the name of the Apex society or the Central society, as the case may be, be paid to the Government.(4)Save as provided in sub-section (3), the Government shall not be entitled to any other return on the moneys provided by them to an apex society under section 53.
