THE KARNATAKA CO-OPERATIVE SOCIETIES (SECOND AMENDMENT) ACT, 2016
KARNATAKA ACT NO. 7 OF 2017
(First Published in the Karnataka Gazette Extra-ordinary on the fourth day of January, 2017)
(Received the assent of the Governor on the Thirty First day of December, 2016)
An Act further to amend the Karnataka Co-operative Societies Act, 1959.
Whereas it is expedient further to amend the Karnataka Co-operative Societies Act, 1959 (Karnataka Act No 11 of 1959) for the purposes hereinafter appearing;
Be it enacted by the Karnataka State Legislature in the sixty seventh year of the Republic of India as follows:-
1. Short title and commencement.- (1) This Act may be called the Karnataka Co-operative Societies (Second Amendment) Act, 2016
(2) It shall come into force at once.
2. Amendment of section 57.- In the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959) in section 57, in sub-section (2A) after the proviso the following shall be inserted, namely:-
“Provided further that, out of the total contribution made by a Co-operative society to the account of the Co-operative education fund, every year one fourth shall be remitted to the account of the Sahakara Academy (Reg.), Mysore, registered under the Karnataka Societies Registration Act, 1960 and sponsored by the State Government for the purpose of carrying out co-operative education, training and research.”
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