(1)

There shall be established by the Gujarat State Co-operative Bank Limited (hereinafter in this section referred to as "the State Co-operative Bank ") a fund called "Urban Bank Credit Equalization Fund " consisting of payments made into it under sub-section (2).

(2)

After providing for the reserve fund as provided in Section 67, for the dividend as provided in Section 68, for the educational fund as provided in Section 69 and for contribution for the public purpose as provided in Section 70, the bank shall each year set-aside a sum of fifteen per cent. Of its profits and pay the same to the State Cooperative Bank for the purpose of crediting it into the Urban Bank Credit Equalization Fund.

(3)

The Urban Bank Credit Equalization Fund shall be maintained and utilized by the State Co-operative Bank in such manner as may be prescribed.