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Section 70
Co-operative Promotion Fund
: (1) A Co-operative Promotion Fund shall exist in a Co-operative Society.
(2) In order to promote cooperative business, an amount equal to 0.5 percent of the remaining amount allocated to the reserve fund as per clause (a) of sub-section (2) of that section shall be deposited in the fund as per sub-section (1) annually. br> (3) The fund under sub-section (1) shall be in the Ministry of Cooperatives and Poverty Alleviation.
(4) The method of operation of the fund shall be as prescribed.
(5) In proportion to the amount accumulated in the fund under sub-section (1), the Ministry may provide the amount as specified.
(6) Out of the amount kept in the fund according to sub-section (1), the amount shall be provided to the National Cooperative Federation, Central Cooperative Association, Provincial Cooperative Association, Provincial Cooperative Association, District Cooperative Association and District Cooperative Association.
(7) For the distribution of funds kept in the fund as per sub-section (1), there will be a committee with the co-chairman of the National Cooperative Development Board, the secretary of the ministry, the co-secretary of the Ministry of Finance, the president of the cooperative federation, the president of the central savings and loan cooperative association and the registrar under the coordination of the minister of the relevant ministry. br> (8) At least seventy-five percent of the amount received according to sub-section (6) should be invested in the infrastructure of the cooperative business and the remaining amount should be spent on business promotion, education, information and training, market promotion, monitoring of the organization or association.
(9) The concerned association shall keep a separate record of the amount received as per sub-section (6) and audit it according to the prevailing law and make the details thereof public as prescribed.
(10) The statement of expenditure and availability of the amount received in accordance with sub-section (6) shall be submitted to the National Cooperative Development Board.
(11) If it is found that the funds under subsection (6) have been misused or used for other purposes, the registrar or an officer authorized by the registrar may recover such funds and stop the provision of funds.
(2) In order to promote cooperative business, an amount equal to 0.5 percent of the remaining amount allocated to the reserve fund as per clause (a) of sub-section (2) of that section shall be deposited in the fund as per sub-section (1) annually. br> (3) The fund under sub-section (1) shall be in the Ministry of Cooperatives and Poverty Alleviation.
(4) The method of operation of the fund shall be as prescribed.
(5) In proportion to the amount accumulated in the fund under sub-section (1), the Ministry may provide the amount as specified.
(6) Out of the amount kept in the fund according to sub-section (1), the amount shall be provided to the National Cooperative Federation, Central Cooperative Association, Provincial Cooperative Association, Provincial Cooperative Association, District Cooperative Association and District Cooperative Association.
(7) For the distribution of funds kept in the fund as per sub-section (1), there will be a committee with the co-chairman of the National Cooperative Development Board, the secretary of the ministry, the co-secretary of the Ministry of Finance, the president of the cooperative federation, the president of the central savings and loan cooperative association and the registrar under the coordination of the minister of the relevant ministry. br> (8) At least seventy-five percent of the amount received according to sub-section (6) should be invested in the infrastructure of the cooperative business and the remaining amount should be spent on business promotion, education, information and training, market promotion, monitoring of the organization or association.
(9) The concerned association shall keep a separate record of the amount received as per sub-section (6) and audit it according to the prevailing law and make the details thereof public as prescribed.
(10) The statement of expenditure and availability of the amount received in accordance with sub-section (6) shall be submitted to the National Cooperative Development Board.
(11) If it is found that the funds under subsection (6) have been misused or used for other purposes, the registrar or an officer authorized by the registrar may recover such funds and stop the provision of funds.