Amendment status not verified — confirm the current text below against the official source.
Persons who may become members:- No person shall be admitted as member of a co-operative society except the following, namely :- (a) an individual competent to contract under section 11 of the Indian Contract Act, 1872 (9 of 1872); (b) any other co-operative society; (c) the Government; (d) A Public Sector Undertaking; and (1) Substituted by Punjab Act No. 25 of 2014 [tel (e) such class or classes of persons or associations of persons as may be notified by the Government.] 1715 A. Restrictions on individuals in becoming members of certain co-operative societies. (1) No individual shall be admitted as member of a central or apex society unless such a society has been exempted by the Registrar in this behalf, by a general or special order. (2) The Central and apex societies having individuals as members on the date of commencement of the Punjab Co-operative Societies (Amendment) Act, 1969, shall retire the shares of such individuals within a period of three years of such commencement in the prescribed manner. EXPLANATION - For the purpose of this section, section 26, section 26-B and section 84-A. - (a) “primary society” means a co-operative society whose membership consists exclusively of individuals ; (b) “central society” means a co-operative society whose membership includes primary societies; (c) “apex society” means a co-operative society whose membership includes central societies.] 2[115-B. Provision for admission as member in the case of certain societies. (1) Notwithstanding anything to the contrary contained in this Act :- (i) every person eligible for admission as a member of a co-operative society shall be deemed to have been admitted as a member of the society from the date of receipt of his application for such admission in the office of that society; (1) Inserted by Punjab Act No. 26 of 1969 (2) Inserted by Punjab Act No. 8 of 1978 it (ii) | the Registrar may, of his own motion or on a complaint made by the committee of the society or any aggrieved person, by an order determine that such a person is not eligible to be a member of the society and on such determination that person will cease to be a member: Provided that no such order shall be made unless the person already admitted as a member is given an opportunity of being heard and where an order is to be made on the basis of a complaint it shall be made within a period of thirty days of the receipt thereof. (2) The provisions of this section shall apply only to a Primary Land Mortgage Bank and to a co-operative society having one of its objects advancing of loans for the purpose of raising of crops or seasonal agricultural operations.] SECTION - 16