Amendment status not verified — confirm the current text below against the official source.
Re-numbered by the Act ibid 3. Inserted by Act No. 14 of 2014 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 cooperative society and a person admitted to membership after such registration in accordance with the 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 cooperative society ; 1 Inserted by Punjab Act 26 of 1969 a (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 ; 7(****) (I) "rules" means the rules made under (this Act ; and) ‘I(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. ] 5[(m) "Vice Chairman" means the Vice Chairman of the Committee.] CHAPTER II REGISTRATION Or Co-opeRATIVE SOCIETIES SECTION-3 [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 functions 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. (1) Omitted by Punjab Act 6 of 1974 (2) Omitted by Punjab Act No. 14 of 2014 I 5 (3) Substituted by Punjab Act No. 25 of 2014 (4) Added by Punjab Act No. 25 of 2014 (5) Added by Act No. 14 of 2014 (6) Substituted by Punjab Act No. 26 of 1969 (4) Every person appointed under sub-section (2) shall exercise his powers subject to the general superintendence and control of the Registrar.]. 1[(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 and revision], be deemed to be the order or decision of that person and not of the Registrar]