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13. Corporation to maintain fund.-

(1) The Corporation shall maintain a fund called the National Co-operative Development Fund (hereinafter referred to as the Fund) to which shall be credited-

(a) all moneys and other securities transferred to it under clause (a) of sub-section (2) of section 24;

(b) the grants and other sums of money by way of loans paid to the Corporation by the Central Government under section 12;

3[(bb) all moneys received under section 12B;

(bbb) all moneys received for services rendered;]

4[(ba) all moneys borrowed under section 12A;]

(c) such additional grants, if any, as the Central Government may make to the Corporation for the purposes of this Act; and

(d) such sums of money as may, from time to time, be realised out of repayment of loans made from the Fund or from interest on loans or dividends 4[or other realisations] on investments made from the Fund.

(2) The moneys in the Fund shall be applied for-

(a) advancing loans and granting subsidies to State Governments on such terms and conditions as the Corporation may deem fit for the purpose of enabling State Governments to subscribe to the share capital of co-operative societies or for otherwise financing co-operative societies;

(b) meetingthe pay and allowances of the 5[managing director, the officers] and other employees of the Corporation and other administrative expenses of the Corporation; and

(c) carrying out the purposes of this Act.

6[(3) All moneys in the Fund shall be deposited in the Reserve Bank or the State Bank or a nationalised bank or a scheduled bank or a State Co-operative Bank.]

1. Ins. by Act 3 of 1974, s. 11 (w.e.f. 1-4-1974).

2. Ins. by Act 45 of 2002, s. 6 (w.e.f. 16-9-2002).

3. Ins. by s. 7, ibid. (w.e.f. 14-8-2002).

4. Ins. by Act 3 of 1974, s. 12(w.e.f. 1-4-1974).

5. Subs. by s. 12, ibid., for "officers" (w.e.f. 1-4-1974).

6. Subs. by Act 45 of 2002, s. 7, for sub-section (3) (w.e.f. 16-9-2002).



National Co-Operative Development Corporation Act, 1962 Back




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