Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in the Punjab Co-operative Societies Act, 1961, or any law for the time being in force, it shall • be lawful for a bank to become a member of a co-operative society. . 11, Notwithstanding anything contained in the Punjab Co-operative Societies Act, 1961, it shall be lawful for any co-operative society to borrow from a bank. - Inspection .12. (1) . A bank shall have the right to inspect the books of any co- otsbooks of operative society which has either applied to the banle- for financial assistance c'''Petati_ve or is indebted to the bank on account of financial assistance granted earlier. society by bank. • (2) The inspection may be carried out by an officer or any other membe -01- the paid staff of the bank with the previous sanction in writing .of th Registrar of Co-operative Societies. Disputes bttvren bank and co-operative szciety. Settlement of disputes. (3) The officer or any other member of the paid staff of the bank under- taking such inspection, shall, at all reasonable times, have access to the books -of accounts, documents, securities, cash and other properties below:l- ing to or in the custody of the co-operative society inspected by him, and shall also be supplied by such society such information, statements and returns as may be required by .him to assess the, financial condition of the society in order to ensure the safety of financial assistance to be made or already made to it.