Vidhi Codex

Bare Act

The Punjab Self Supporting Cooperative Societies Act 2006

Corporate200683 sections

The Punjab Self-Supporting Co-operative Societies Act, 2006 establishes an autonomous regulatory framework for member-funded co-operative societies in Punjab that operate without financial aid from the government. It applies to newly formed self-supporting co-operatives as well as existing primary co-operatives seeking conversion. The statute regulates registration, governance through democratically elected boards, financial management, dispute resolution via an independent Arbitration Council, and voluntary dissolution. By granting these self-funded institutions complete organizational autonomy, clear financial guidelines, and protection from excessive state interference, the law empowers local communities to voluntarily unite, pool resources, and efficiently pursue shared economic, social, and developmental goals.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Definitions
  3. 3. Registrar and other officers
  4. 4. Registration of a self-supporting co-operative society and federal self-supporting co-operative society
  5. 5. Conversion of primary co-operative society into self-supporting co-operative society
  6. 6. Self-supporting co-operative society to be a body corporate
  7. 7. Display of name
  8. 8. Section 8
  9. 9. Amendment of bye-laws
  10. 10. Transfer of assets and liabilities, division, amalgamation or merger of a self-supporting co-operative society
  11. 11. Conversion, division, amalgamation or merger of a self-supporting co-operative society.
  12. 12. Levy of fee.
  13. 13. Promotion of subsidiary unit or organisation.
  14. 14. Establishment of Education Fund.
  15. 15. Payment out of Education Fund.
  16. 16. Mobilization of funds from members.
  17. 17. Raising of funds from external sources.
  18. 18. Use of funds.
  19. 19. Use of surplus.
  20. 20. Management of deficit.
  21. 21. Investment of funds.
  22. 22. Restriction on contribution.
  23. 23. Eligibility for membership.
  24. 24. Disqualification for membership.
  25. 25. Section 25
  26. 26. Appeal against refusal
  27. 27. Withdrawal from membership
  28. 28. Cessation of membership
  29. 29. Termination of membership
  30. 30. Appeal against termination
  31. 31. Register of members
  32. 32. Imparting of education to members
  33. 33. Exercise of rights
  34. 34. Constitution of general body and management
  35. 35. Functions and duties of general body
  36. 36. Meetings of the general body of a self-supporting co-operative society.
  37. 37. Special meeting of the general body of a self-supporting co-operative society.
  38. 38. Consequences of not calling annual general meeting and special meeting.
  39. 39. Board of Directors.
  40. 40. Election of the Directors of the Board.
  41. 41. Election of office bearers of self-supporting co-operative society.
  42. 42. Removal of office bearer.
  43. 43. Section 43
  44. 44. Powers and functions of the Board
  45. 45. Powers and functions of the President
  46. 46. Procedure to be regulated by the Board
  47. 47. Acts of a self-supporting co-operative society not to be validated by certain defects
  48. 48. Officers and employees of a self-supporting co-operative society
  49. 49. Accounts and records
  50. 50. Section 50
  51. 51. Special Audit
  52. 52. Special audit report
  53. 53. Inquiry
  54. 54. Action on inquiry report
  55. 55. Powers to summon and examine persons and documents
  56. 56. Duty to provide information and documents to members
  57. 57. Arbitration Council
  58. 58. Settlement of disputes
  59. 59. Constitution of Tribunal.
  60. 60. Appeal.
  61. 61. Execution of decisions, decrees and order.
  62. 62. Attachment before award.
  63. 63. Prohibition of the use of the word self-supporting co-operative.
  64. 64. Offences and penalties.
  65. 65. Cognizance of offence.
  66. 66. Limitation for instituting proceeding.
  67. 67. Dissolution of self-supporting co-operative society by members.
  68. 68. Dissolution of self-supporting co-operative society by the Registrar.
  69. 69. Who may be appointed as liquidator.
  70. 70. Remuneration of liquidator.
  71. 71. Duties of liquidator.
  72. 72. Powers of liquidator.
  73. 73. Bar on liquidator.
  74. 74. Disposal of surplus assets of liquidated self-supporting co-operative society.
  75. 75. Bar of suits or legal proceedings.
  76. 76. Final settlement.
  77. 77. Power of civil court.
  78. 78. Order for winding up, reconstruction and supersession of Board of self-supporting co-operative Bank
  79. 79. Power to remove difficulty.
  80. 80. Bar on jurisdiction.
  81. 81. Protection for action taken in good faith.
  82. 82. Power to make rules.
  83. SCHEDULE. CO-OPERATIVE IDENTITY

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