Primary agricultural Credit Society - Indian Laws - General

As per section 56(cciv) of the Banking Regulation Act, 1949. Act to apply to co-operative societies subject to modifications. Primary agricultural Credit Society means a cooperative society, (1) the primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including the marketing of crops); and (2) the bye-laws of which do not permit admission of any other co-operative society as a member: Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds provided by the State Government for the purpose;