Punjab Co-operative Societies Act, 1961
No: 25 Dated: Jul, 08 1961
The Punjab Co-operative Societies Act, 1961
Punjab Act No. 25 of 1961
An Act to consolidate and amend the law relating to co-operative societies in the State of Punjab.
Be it enacted by the Legislature of the State of Punjab in the Twelfth Year of the Republic of India as follows :-
Chapter I
Preliminary
1. Short title, extent and commencement. - (1) This Act may be called the Punjab Co-operative Societies (Amendment) Act, 1961.
(2) It extends to the whole of the State of Punjab.
(3) It shall come into force on such date as the Government may, by notification, appoint.
2. Definitions. - In this Act, unless the context otherwise requires :-
(a) "associate member" means a member who holds jointly a share of a co-operative society with others but whose name does not stand first in the share certificate.
(aa) "bye-laws" means the registered bye-law for time being in force;
(b) "committee" means the governing body of a co-operative society, by whatever name called, to which the management of the affairs of the society is entrusted;
(c) "co-operative society" means a society registered or deemed to be registered under this Act ;
(d) "co-operative society with limited liability" means a co- operative society the liability of whose members is limited by its bye-laws to the amount, if any, unpaid on the shares individually held by them or to such amount as they may individually undertake to contribute to the assets of the society, in the event of its being wound up ;
(e) "co-operative society with unlimited liability" means a co- operative society the liability of whose members is unlimited for the purpose of contributing jointly and severally to any deficiency in the assets of the society in the event of its being wound up ;
(f) "Government" means Government of the State of Punjab;
(g) "Member" means a person joining in the application for the registration of a co-operative society and a person admitted to membership after such registration in accordance with this Act, the rules and the bye- laws, and includes a nominal and an associate member and the Government when it subscribes to the share-capital of a society ;
(gg) "net profits" means profits after deduction of establishment charges, contingent charges, interest payable on loans and deposits, audit fee and such other sums as may be prescribed ;
(ggg) "nominal member" means a person admitted to membership as such after registration in accordance with the bye-laws ;
(h) "officer" means the president, vice-president, chairman, vice- chairman, managing director, secretary, manager, member of committee, treasurer, liquidator, administrator and includes any other person empowered under the rules or the bye-laws to give directions in regard to the business of a co- operative society;
(i) "prescribed" means prescribed by rules ;
(j) "Registrar" means a person appointed to perform the functions of the Registrar of Co-operative Societies under this Act, ****.
(k) "producers society" means a society formed with the object of producing and disposing of goods and commodities as a collective property of its members, and includes a society formed with the object of the collective disposal of the labour of its members;
(l) "rules" means the rules made under this Act; and
(m) "Public Sector Undertaking" means an organization owned by the Government or in which the Government has pervasive control or created by an Act of the Government.
Chapter II
Registration of Co-operative Societies
3. Registrar and other officers and their powers. - (1) The Government may appoint a person to be the Registrar of Co-operative Societies for the State.
(2) To assist the Registrar in his function under this Act the Government may appoint such number of Additional Registrars, Joint Registrars, Deputy Registrars, Assistant Registrars and other persons with such designations as it may think fit.
(3) The Government may, by general or special order, confer on any person appointed under sub-section (2), all or any of the powers of the Registrar under this Act.
(4) Every person appointed under sub-section (2) shall exercise his powers subject to the general superintendence and control of Registrar.
(5) Notwithstanding anything contained in this Act, where any power of the Registrar is exercised by any person by virtue of the order issued by the Government under sub-section (3), the order passed or decision made by such person shall, for the purposes of appeal be deemed to be the order or decision of that person and not of the Registrar.