Section 116: The Co-operative Development Fund

116. The Co-operative Development Fund (1) There is set up for the purposes of this Act a Co-operative Development Fund. (2) Any money payable under this Act, including any fees, charges and surcharges and any surplus arising on the liquidation of a society, shall be paid and credited to the Fund. (3) The Fund may receive such grants or donations as may be made to it. [Issue 9] C49 – 58 Revised Laws of Mauritius (4) The Fund shall be administered by a committee consisting of— (a) the supervising officer or his representative, who shall be the Chairperson; (b) the Registrar or his representative; (c) the Secretary for Co-operative Development or his representative; (d) a representative of the Ministry responsible for the subject of finance; (e) a representative of the tertiary society; and (f) 4 persons having wide experience in the field of finance, business or management, to be appointed by the Minister. (5) The committee may, with the approval of the Minister, use money from the Fund for— (a) the promotion and development of co-operatives; (b) the implementation of projects namely education, training, research, consultancy and other related activities, aiming at the development of the co-operative sector; (ba) financial assistance, in such amount as may be prescribed, to a secondary society and tertiary society; and (c) the payment of fees incurred in the application of this Act. [S. 116 amended by s. 16 (b) of Act 11 of 2018 w.e.f. 9 August 2018.]