Villages willing to join cooperative farming should transfer their land holding to a new organisation, to be formed, in return for a share capital for the value of the land transferred. The government would provide a transparent system for valuation of the land, said chief minister YS Rajasekhara Reddy.
Reviewing the framework of cooperative farming at the state Secretariat on Thursday, he said the government would guarantee an assured income to the farmers on the basis of the best incomes earned by them during the last five years. The government would contribute equity in phases as per the fund requirements and also help the company or organisation to raise funds for implementing their business plans.
The cooperative societies' boards would have powers to recruit top management and specialists. They could also can have audit, risk management recruitment committee apart from advisors to ensure expected rate of return to the members. The proposed cooperatives would have come up under the AP Cooperative Societies Act 1964 or under section 581 A and 581 B of the Companies Act 1956, according to a release.
