Amendment status not verified — confirm the current text below against the official source.
Rules:- (1) The Government may, for any co-operative society or class of such societies, make rules to carry out the purposes of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely - (i) the maximum number of shares or portion of the capital of a co-operative society which may, subject to the provisions of section 6, be held by a member : (ii) the form to be used and the condition to be complied with in the making of applications for the registration of a society and the procedure in the matter of such applications; (1) Inserted by Punjab Act 26 of 1981 i) (iii) | the procedure and contitions for change in the form and extent of the liability of a co-operative society; (iv) | the matters in respect of which the society may or shall make bye-laws and for the procedure to be followed in making, altering and abrogating bye-laws and the conditions to be satisfied prior to such making, alteration or abrogation; (v) the conditions to be complied with by persons applying for admission or admitted as members, for the election and admission of members, and for the payment to be made and the interest to be acquired before the exercise of the right of membership: (vi) | the manner in which funds may be raised by means of shares and debentures or otherwise; (vii) for general meeting of the members and for the procedure at such meetings and the powers to be exercised by such meetings: (viii) the prohibitions and restrictions subject to which societies may transact business with persons who are not members; (ix) the proportion of individuals and societies in the constitution of the committee of management and the general body of a co-operative society of which another co-operative society is a member; (x) subject to the provisions of section 26, the election and nomination of members of committees, the appointment or election of officers and the suspension and removal of the members and other officers, and for the powers to be exercised and the duties to be performed by the committees and other officers; 1[(xa} restrictions on transactions of officers and past officers with the co-operative society: (1) Inserted by Punjab Act 26 of 1969 w.e.f. 10.9.1969 i) (xb) | the mannerin which share of individuals shall be retired under sub-section (2) of section 15-A; (xc) election of members of representative general body under sub-section (1A) of section 23 and the number of members of a co-operative society required under that sub-section; (xd) the area of agricultural land, the conditions required to be fulfilled and the manner of co-option, for the purpose of section 26-A;] (xe) the manner in which the vacancies caused as a result of retirement of members of a committee shall be filled;] (xi) | the appointment and regulation of work entrusted to person or persons replacing the committee in pursuance of section 27; (xii) prohibiting a co-operative society from electing a defaulting member on its committee or to be its representative; (xiii) the accounts and books to be kept by a co-operative society, the audit of such accounts and the charges, if any, to be made for such audit, and for the periodical publication of a balance-sheet showing the assets and liabilities of a co-operative society; 2[(xiii-a) the minimum qualifications and experience of auditors and auditing firms under sub-section (1-A) of section 48 for auditing accounts of the co-operative societies;] (xiv) the returns to be submitted by a co-operative society to the Registrar, the persons by whom and the form in which such returns shall be submitted and in case of failure to submit any such returns for the levy of expenses of preparing it; (1) Inserted by Punjab Act No. 3 of 1978 w.e.f. 16.11.1977 feo) (2) Inserted by Punjab Act No. 14 of 2014 (xv) | the persons by whom and the form in which copies of the entries in books of societies may be certified and for the charges to be levied for the supply of such copies; (xvi) the formation and maintenance of a register of members and where the liability of the members is limited by shares, of a register of shares; (xvii) the appointment of an arbitrator to decide disputes; (xviii) the procedure to be followed in proceedings before the Registrar, arbitrator or other persons deciding disputes including the appointment of a guardian for a party to the dispute who is minor or who, by reason of unsoundness of mind or mental infirmity, is incapable of protecting his interest, and the levy of the expenses relating to such proceedings; (xix) the withdrawal and expulsion of members and for the payments, if any, to be made to members who withdraw or are expelled and for the liability of past members and of the estates of deceased members; (xx) the mode in which the value of a deceased member’s share of interest shall be ascertained and for the nomination of a person to whom such share or interest may be paid or transferred; (xxi) | the payments to be made and conditions to be complied with by members applying for loans, the period for which any loans may be made and the maximum amount which may be lent, to any member; 1[(xxia) the form of certificate to be issued under sub-section (2) of section 67-A;] (xxii) the formation and maintenance of reserve funds and other funds and the objects to which such funds may