(1)

Every society which declares, out of the current year's profit a dividend to its members at a rate of 3 per cent or more, shall contribute towards the education fund of the Gujarat State Co-operative Union at such rate as may be prescribed.

(2)

No society, liable to contribute towards the education fund, shall pay a dividend to its members, unless the said contribution is made to the Gujarat State Co-operative Union within two months from the date on which its accounts are adopted by the general body of members at it annual general meeting.

(3)

An officer wilfully failing to comply with the requirements of this section, shall be personally liable for making good the amount to the Gujarat State Co-operative Union.

(4)

[ The provisions of sub-sections (1) to (3) shall not apply to the societies in the cooperative credit structure.]

Explanation. - In this section the expression "Gujarat State Co- operative Union " means federal society established for the State of Gujarat with the object of giving training facilities for familiarising, promoting or encouraging in co-operative movement.]