Section 144-28A : Maintenance operation and investment of the Fund
(1)The Stabilization and Liquidity Support Fund shall be maintained and operated by the Regulatory Board.
(2)The money credited to the Stabilization and Liquidity Support Fund shall be deposited in the accounts opened in the name of the Regulatory Board in any Nationalized Bank, or the Maharashtra State Co-operative Bank, or the District Central Co-operative Bank having ‘A’ audit class during last three years, or any Bank having net worth of rupees two hundred crores or more.
(3)The money credited to the Stabilisation and Liquidity Support Fund may be invested in any of the aforesaid banks. The amount so invested in any bank shall not exceed twenty per cent. of total corpus of the said Fund at the time of such investment.
(4)For the purposes of this section, the Regulatory Board shall have following powers, namely :—
(a)to pass order, to sanction and draw and pay an amount from the Stabilization and Liquidity Support Fund to an eligible society to maintain statutory liquidity ratio as prescribed by the Regulatory Board, at such rate of interest, schedule of repayment, as stated in the order ;
(b)to pass order, to sanction and draw an amount from the Stabilization and Liquidity Support Fund to pay deposit of members of a non-agricultural co-operative credit society which is taken into liquidation after the date of commencement of the settlement ;
(c)to frame such regulations as are necessary for providing support or assistance for repayment of deposit by the liquidator. The Regulatory Board shall be competent to decide the quantum of assistance or amount of support, as the case may be, subject to the amount notified by the State Government in the Official Gazette, from time to time Government.
(5)The Regulatory Board shall monitor recovery of the amount so released, from the society and or the liquidator of the society, as the case may be.
