Definitions

In this Act, unless the context otherwise requires, - (a) “associate member” means a member who holds jointly a share of a co-operative society with others but whose name does not stand first in the share certificate; (aa) “bye-laws” means the registered bye-law for time being in force; (b) "committee” means the governing body of a co-operative society, by whatever name called, to which the management of the affairs of the society is entrusted; (c) "co-operative society" means a society registered or deemed to be registered under this Act; (d) "co-operative society with limited liability” means a co-operative society the liability of whose members is limited by its bye-laws to the amount, if any, unpaid on the shares individually held by them or to such 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 this 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; (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; and (i) "rules" means the rules made under this Act.