Section 67 in Himachal Pradesh Co-Operative Societies Rules, 1971
67. Financial assistance by the Government.
(1)Subject to the provisions of the Act the State Government may :(i)make share capital contribution to a society; or(ii)give loans or financial assistance or any other type of assistance to a society; or(iii)guarantee the payment of the principal or debentures issued by a society; or interest thereon, or both; or(iv)guarantee the payment of the principal and payment of interest on loans and advances given by the Reserve Bank of India, or the State Bank of India, or any other authority or institution constituted under any law for the time being in force; or(v)grant aid in any other form to a society under section 48 on the following terms and conditions, namely ;(a)when the State Government purchases shares in a society, it shall be entitled to dividend on the said shares as is declared by the society concerned, and is payable to other members of that society;(b)a society receiving State-aid shall not pay any dividend or distribute or take profit in excess of such percentage of rate upon the amount of the capital of the society as the State Government may, from time to time, fix;(c)a society receiving State-aid shall, with the approval of the Registrar, appoint a paid Secretary or Manager of the society;(d)a society receiving State-aid shall be bound :-(i)to comply with any general or special order of the State Government relative to the inspection of the society;(ii)to permit the inspection of all accounts relative to the society;(iii)to maintain such accounts and to furnish such statements and returns as the State Government or the Registrar, may, from time to time, require; and(iv)to comply with any order or conditions issued or imposed by State Government, as may in its opinion be necessary, or expedient, to safeguard its interest.(2)If the society to which State-aid has been given in any form, fails to comply with any order made under the Act, or the rules framed thereunder, or commits any breach of any terms or conditions laid down for the grant of State-aid, or if on inspection of accounts, returns, statements or audit report of such society the State Government is of the opinion that the State-aid should be withdrawn, the State Government may, after considering any representation which the society may make within such time as the State Government may allow in this behalf, make an order directing :-(i)that the balance of any loan outstanding shall be recoverable forthwith;(ii)that the guarantee given shall cease from the date of such order;(iii)that the full value of any other State-aid given and enjoyed till the date of the order shall be payable forthwith and the grant of such State-aid beyond such date shall be discontinued.(3)An application of a society for a loan, or subsidy, or both from a Government department or a Government sponsored agency shall be made through the Registrar. While forwarding the application, the Registrar shall record his opinion regarding the eligibility of the society for the said loan, or subsidy, or both; its financial position and the desirability of sanctioning to the society the said loan, or subsidy, or both.(4)The State Government may set out other terms and conditions on which it shall provide State-aid to a society.Chapter - VII Properties And Funds Of Co-Operative Societies
