Vidhi Codex

The Punjab Co-operative Societies Act, 1961

The Punjab Co-operative Societies Act, 1961

Corporate196181 sections13 chapters

This law provides a legal framework for organizing, managing, and supervising cooperative societies across the State of Punjab. It applies to individuals forming cooperative associations, existing cooperative societies, their managing committees, members, and state-appointed administrative officers such as the Registrar. The statute details procedures for society registration, governance rules, financial management, audit requirements, state financial assistance, and dispute resolution through arbitration. By protecting member interests and facilitating structured collective economic activities, the Act empowers local communities, particularly agricultural producers and small entrepreneurs, to pool resources, secure credit, and improve their financial well-being through democratic, self-help cooperative institutions.

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Chapter 1 PRELIMINARY →

  1. 1Short title, extent and commencement
  2. 2Definitions
  3. 3Registrar and other officers and their powers

Chapter II REGISTRATION OF CO-OPERATIVE SOCIETIES →

  1. 4Societies which may be registered
  2. 5Restrictions on registration
  3. 6Restrictions on holding of shares
  4. 7Application for registration
  5. 9Registration certificate
  6. 10Amendment of bye-laws of a co-operative society
  7. 11Change of name
  8. 13Amalgamation, transfer of assets and liabilities and division of co-operative societies
  9. 14Cancellation of registration certificates of co-operative societies in certain cases

Chapter III MEMBERS OF CO-OPERATIVE SOCIETIES AND THEIR →

  1. 15Persons who may become members.
  2. 16Nominal or associate members
  3. 17Member not to exercise rights till due payment made
  4. 18Votes of members
  5. 19Manner of exercising vote
  6. 20Restriction on transfer of shares or interest
  7. 21Transfer of interest on death of members
  8. 22Liability of past members and estate of deceased member

Chapter IV MANAGEMENT OF CO-OPERATIVE SOCIETIES →

  1. 23Final authority in a co-operative society
  2. 24Annual general meeting
  3. 25Special general meetings
  4. 28Securing possession of records, etc.
  5. 29Acts of co-operative societies not to be invalidated by certain defects

Chapter V PRIVILEGES OF CO-OPERATIVE SOCIETIES →

  1. 30Co-operative societies to be bodies corporate
  2. 31First charge of co-operative society on certain assets
  3. 32Charge on immovable property of members borrowing loans from certain societies
  4. 33Charge and set off in respect of share of contribution or interest of members
  5. 34Share or contribution or interest not liable to attachment
  6. 35Register of members
  7. 36Admissibility of copy of entry as evidence
  8. 37Exemption from compulsory registration of instruments
  9. 38Exemption from certain taxes, fees and duties
  10. 39Deduction from salary to meet co-operative societies claim in certain cases
  11. 40Other forms of State aid to Co-operative Societies

Chapter VI PROPERTIES AND FUNDS OF →

  1. 41Funds not to be divided by way of profit
  2. 42Contribution to charitable purpose
  3. 43Contribution to Co-operative Education Fund
  4. 44Investment of Funds
  5. 45Restrictions on loans
  6. 47Restrictions on other transactions with non-members

Chapter VII AUDIT, INQUIRY, INSPECTION AND SURCHARGE →

  1. 48Audit
  2. 49Inspection of societies
  3. 50Inquiry by Registrar
  4. 51Inspection of books of indebted societies
  5. 52Costs of inquiry
  6. 53Recovery of costs
  7. 54Surcharge

Chapter VIII SETTLEMENT OF DISPUTES →

  1. 55Disputes which may be referred to arbitration
  2. 56Reference of disputes to arbitration

Chapter IX WINDING UP OF CO-OPERATIVE SOCIETIES →

  1. 57Winding up of co-operative societies
  2. 58Liquidator
  3. 59Powers of Liquidator
  4. 60Priority of contributions assessed by liquidator
  5. 61Power of Registrar to cancel registration of a co-operative society

Chapter X EXECUTION OF AWARDS, DECREES, →

  1. 62Enforcement of charge
  2. 63Execution of certain decisions, awards and orders
  3. 64Execution of orders of liquidator
  4. 65Attachment before award
  5. 66Registrar or person empowered by him to be civil court for certain purposes
  6. 67Recovery of sums due to Government

Chapter XI APPEALS AND REVISION →

  1. 68Appeals
  2. 69Revision

Chapter XII OFFENCES AND PENALTIES →

  1. 71Offences.
  2. 72Cognizance of offence.
  3. 73Address of Societies.
  4. 74Copy of Act, rules and bye-laws, etc. to be open to inspection.
  5. 75Prohibition against the use of the word “ co-operative” .
  6. 76Power to exempt societies from conditions as registration:-
  7. 77Power to exempt.
  8. 78Liquidator to be public servant.
  9. 79Notice necessary in suits.
  10. 80Companies Act not to apply.
  11. 81Saving of existing societies.
  12. 82Bar of jurisdiction of courts :-
  13. 83Powers of civil court :-
  14. 84Indemnity.
  15. 85Rules
  16. 86Repeal and Saving

Chapter XII OFFENCES AND PENALTIES →

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