Section 144-27A : Utilization of the Fund
(1)The “ Stabilization and Liquidity Support Fund ” shall be utilized for providing liquidity support to the eligible non-agricultural cooperative credit society for maintaining Statutory Liquidity Ratio as specified in the section 144-10A on such terms and conditions as determined by the Regulatory Board, from time to time.
(2)The Stabilization and Liquidity Support Fund shall also be used for the settlement of claims in respect of the deposits of members of the non- agricultural co-operative credit societies which are taken into liquidation after the date of commencement of settlement as notified under sub-section(3)of this section. The amount of settlement per member depositor shall be a sum of the actual amount of deposit of the depositor or an amount which may be notified by the State Government in the Official Gazette, from time to time, whichever is less.
(3)For the purposes of sub-section (2) of this section, the State Government shall notify the date of the commencement of the settlement in the Official Gazette.
