The Punjab Self-Supporting Co-operative Societies Act, 2006
punjab · 2010
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Actmay be called the Punjab Self-Supporting Co-operative Societies Act, 2006
- S. 2Section 2 defines key terms used in the Punjab Self-Supporting Co-operative Societies Act, 2006.
- S. 3Section 3 continues the role of previous officers and the Registrar from the 1961 Act under the 2006 Act.
- S. 4Section 4 outlines the requirements for registering a self-supporting co-operative society in Punjab, including minimum membership and bye-law conformity.
- S. 5Section 5 allows primary co-operative societies to apply for conversion into self-supporting societies, provided they return government aid.
- S. 6Section 6 grants a registered self-supporting co-operative society corporate status, property rights, and legal capacity to operate.
- S. 7Section 7 mandates self-supporting co-operative societies to display their full name, registration number, and office address in local language on all official documents and premises.
- S. 8Section 8 mandates self-supporting co-operative societies to create bye-laws detailing their operations, membership, services, and member responsibilities.
- S. 9(1) A self-supporting co-operative society may amend any of the of bye-laws
- S. 10Section 10 allows self-supporting co-operative societies to divide, merge, or amalgamate with others, with member and creditor consent.
- S. 11Section 11 ensures that a self-supporting co-operative society's rights, obligations, and legal proceedings remain unaffected by conversions, divisions, amalgamations, or mergers.
- S. 12The Registrar can recover government-specified fees for services under the Act.
- S. 13A self-supporting co-operative society, for the furtherance of its organisation
- S. 15Out of the Education F :
- S. 17Section 17 allows self-supporting co-operative societies to borrow funds from non-members and institutions.
- S. 18(1) The funds mobilized by a self-supporting co-operative society, shal! primarily be used for the furtherance of its o
- S. 19Section 19 outlines how a self-supporting co-operative society in Punjab can use its surplus funds for development, member benefits, and risk funds.
- S. 20(1) The deficit, if any
- S. 21Section 21 allows a self-supporting co-operative society to invest its funds in various banks, federal societies, or specified securities.
- S. 22No self-supporting Co-operative s either in money or in kind, directly or indirect] organization or institution
- S. 23Section 23 outlines the eligibility and application process for membership in self-supporting co-operative societies and their federal counterparts.
- S. 24Section 24 disqualifies individuals from joining or remaining in self-supporting co-operative societies if they do not meet criteria, act against society interests, or violate bylaws or resolutions.
- S. 25Section 25 outlines the process for membership application and decision-making in self-supporting co-operative societies in Punjab.
- S. 26Section 26 allows members denied entry to appeal to the Arbitration Council within 60 days.
- S. 27Section 27 allows members to withdraw from a self-supporting co-operative society at any time, subject to the Act's provisions.
- S. 28Section 28 outlines the termination of membership in a self-supporting co-operative society upon death, resignation, or disqualification.
- S. 30Section 30 allows aggrieved members to appeal to the Arbitration Council within 60 days of a special resolution.
- S. 31(I) Every self-supporting co-operative soci register of members
- S. 32Section mandates self-supporting co-operative societies to conduct educational programs for members, directors, employees, and others to promote cooperative principles.
- S. 33Section 33 mandates that members of a self-supporting co-operative society must pay dues or acquire specified interest to exercise their membership rights.
- S. 34Section 34 outlines the composition and management powers of the general body of a self-supporting co-operative society in Punjab.
- S. 35lThegeneral body of ) Functions and PPoiting cq apoer \ ec the MOVISIONS Of this ; er Vi " (« I Ad 1
- S. 36Section 36 outlines the procedures for calling and conducting annual general meetings for self-supporting co-operative societies in Punjab.
- S. 37Section 37 allows members or the Registrar to request a special meeting for a self-supporting co-operative society to discuss specific issues.
- S. 38Directors lose their positions if the Board misses the deadline to call an annual or special meeting.
- S. 39Section 39 establishes a Board of Directors for managing self-supporting co-operative societies and outlines directors' duties and liabilities for misappropriation.
- S. 40Section 40 outlines the election, term, and responsibilities of directors in self-supporting co-operative societies in Punjab.
- S. 41Section 41 outlines the election, term, resignation, and filling of casual vacancies for office bearers in self-supporting co-operative societies.
- S. 42Section 42 outlines procedures for the removal of office bearers and the role of the Vice-President in their absence.
- S. 43Section 43 outlines eligibility criteria for members to become Directors of self-supporting co-operative societies in Punjab.
- S. 44(1) Subject to the provisions of this Act, it shall be the primary the Board
- S. 45Section 45 outlines the specific duties of the President of a self-supporting co-operative society in Punjab.
- S. 46(1) The Board shall regulate its own pr ocedu AWS in this regard
- S. 47Section 47 validates acts of a self-supporting co-operative society despite procedural or constitutional defects.
- S. 48Section 48 outlines the appointment and service conditions of officers and employees in self-supporting co-operative societies in Punjab.
- S. 49Section 49 mandates self-supporting co-operative societies to maintain detailed financial and membership records accessible to directors, members, and the Registrar.
- S. 50Section 50 mandates self-supporting co-operative societies to audit their accounts annually by a Chartered Accountant and outlines the auditor's appointment, duties, and removal process.
- S. 51Section 51 mandates special audits for self-supporting co-operative societies using special funds, ordered by Registrar on creditor application, with costs borne by creditor or society if irregularities found.
- S. 52Section 52 mandates special audits and inquiries into financial irregularities and misconduct in Punjab self-supporting co-operative societies.
- S. 54Section 54 allows the Registrar to direct the Board to hold a general meeting to address mismanagement findings from an inquiry report.
- S. 55Section 55 mandates authorized officials to notify and require documents, appearances, and explanations for audits or inquiries of self-supporting co-operative societies.
- S. 56Section 56 mandates self-supporting co-operative societies to provide members with annual audited accounts and other specified documents, with recourse to the Board and Registrar if not provided.
- S. 57Section 57 establishes an Arbitration Council to resolve disputes under the Act, with two members appointed by the general body and one by the Registrar.
- S. 58Section 58 mandates arbitration for disputes among members and the society, and tribunal referral for disputes between societies.
- S. 59The section empowers the government to establish Co-operative Tribunals to adjudicate disputes with specified powers and jurisdiction.
- S. 60Allows aggrieved parties to appeal arbitration council orders to the Co-operative Tribunal within 60 days.
- S. 61Section 61 mandates execution of arbitration council, tribunal, or liquidator decisions as civil court decrees.
- S. 62Section 62 allows the Arbitration Council or Co-operative Tribunal to attach property to prevent disposal or removal to avoid execution of its decisions.
- S. 63(1) arry on business under the name OF tif] os Ie , or
- S. 64Section penalizes furnishing incorrect information to the Act with fines and imprisonment.
- S. 65No C ourt inferior tq ¢p, Class sha] try any
- S. 67(I) A sell-supporting co-operative society may by a special resolution
- S. 68The Registrar can dissolve or appoint a liquidator for a self-supporting co-op society that hasn't started or continued business, or violated the Act.
- S. 69Section prohibits appointment of liquidators with vested interests, insolvency, insanity, or criminal conviction for moral turpitude.
- S. 70The liquidator or Registrar of a self-supporting co-operative society can receive specified remuneration.
- S. 71Section 71 outlines the duties of a liquidator appointed to manage the affairs of a self-supporting co-operative society in Punjab.
- S. 72Section 72 of the Punjab Self-Supporting Co-operative Societies Act, 2006, outlines the powers and duties of a liquidator appointed for a self-supporting co-operative society undergoing liquidation.
- S. 73The liquidator cannot buy directly from the cooperative society's assets or debts they are liquidating.
- S. 74When all the liabilities including the paid-up share capital of a liquidated self-supporting co-operative society have
- S. 75Section 75 prohibits legal actions against a winding-up self-supporting co-operative society or its members without Registrar's permission.
- S. 76Section 76 details the liquidator's duties in settling society claims and dissolving the society upon approval.
- S. 77(1; In exercising the powers and functions conferred on it power of by or under this Act
- S. 78Section 78 mandates Reserve Bank of India's prior approval for winding up, reconstruction, or supersession of a self-supporting co-operative bank.
- S. 79The section allows the government to issue orders to address difficulties in implementing the Act, but only within two years of the Act's commencement.
- S. 80Section 80 restricts civil court barons from having jurisdiction over matters governed by this Act.
- S. 81Section 81 provides immunity from legal proceedings for actions taken in good faith under the Act.
- S. 82The Government may, by notification in the Official Gazette make Power to make ; rules