THE JAMMU AND KASHMIR CO-OPERATIVE SOCIETIES ACT, 1989
Section 48. Liability to be limited in respect of certain shares.
Where any shares are purchased in a co-operative society by
(a) the Government ; or
(b) an apex society or a central society from the Principal Government Partnership Fund or the Subsidiary Government Partnership Fund as the case may be ;
the liability in respect of such shares shall, in the event of the co-operative society being wound up, be limited to the amount paid in respect of such shares.
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