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8. The learned counsel for the petitioner submitted that the apex society in the case of respondent No.4 primary society, is Matsyafed (Kerala State Co- operative Federation for Fisheries Development Limited No.F(T) 738).

9. It is relevant to extract Section 32 of the Act.

32. Supersession of Committee(1) If the Registrar, after an inquiry by himself or through his subordinates or on a report of the financing bank, or the Vigilance, and Anticorruption Bureau of the ..6..

10. I shall first consider the question whether Matsyafed, the State Co-operative Federation for Fisheries Development Limited, is a financing bank within the meaning of sub-section (2) of Section 32 of the Act.

11. Section 2(j) of the Co-operative Societies Act defines "Financing Bank". Section 2(j) reads thus:-

"(j)Financing bank" means a co-operative society having as its members only other co-operative societies and the main object of which is to raise money and lend the sum to its members;

12. Section 2(j) makes it clear that a co-operative society having other co-operative societies as its members and where the object of such society is to raise money and lend the same to its members would constitute a "financing bank". Admittedly, the primary societies like respondent No.4 society are the only members of the Apex Society/ Matsyafed. Micro finance credit facility is being extended to respondent No.4 society from the funds ..9..

2026:KER:8791 of the Matsyafed/the apex society for the purpose of disbursing loans, which would make the Apex Society the "financing bank" of respondent No.4 society.

13. The argument of the learned Government Pleader that the District Co-operative Bank/State Co- operative Bank can only be treated as the financing bank is resisted by the learned counsel for the petitioner on the ground that the statutory provision does not so provide, coupled with the fact that only primary credit societies are members of the State Co-operative Bank (erstwhile District Co-operative Banks). The learned counsel for the petitioner further submitted that, if the interpretation advanced by the learned Government Pleader is accepted, there would be no financing bank for primay non-credit co-operative societies. I find force in the argument of the learned counsel for the petitioner. I am of the considered view that the Apex Society, the Matsyafed, would be the ..10..