Regd. No. NW/CH-22 Regd. No. CHD/0092/2018-2020 PUNJAB GOVT. GAZ. (EXTRA), MARCH 5, 2021 1282 (PHGN 14, 1942 SAKA)
EXTRAORDINARY
Published by Authority
CHANDIGARH, FRIDAY, MARCH 5, 2021
(PHALGUNA 14, 1942 SAKA)
PUNJAB VIDHAN SABHA SECRETARIAT
NOTIFICATION
The 5th March, 2021
No. 10-PLA-2021/12.-The Punjab Co-operative Societies (Amendment)
Bill, 2021 is hereby published for general information under the proviso to rule
121 of the Rules of Procedure and Conduct of Business in the Punjab Vidhan
Sabha (Punjab Legislative Assembly):-
BILL No. 10-PLA- 2021
THE PUNJAB CO-OPERATIVE SOCIETIES (AMENDMENT)
BILL, 2021
A
BILL
further to amend the Punjab Co-operative Societies Act, 1961.
BE it enacted by the Legislature of the State of Punjab in the
Seventy-second Year of the Republic of India as follows:-
1. (1) This Act may be called the Punjab Co-operative Societies
Short title and Commencement.
(Amendment) Act, 2021.
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(2) It shall come into force at once.
Amendment 2. In the Punjab Co-operative Societies Act, 1961 (hereinafter referred
to as the principal Act), in section 3, in sub-section (5), for the words and sign
"purposes of appeal, ", the words and sign "purposes of appeal and revision,"
in section 3 of Punjab Act 25 of 1961.
shall be substituted.
3. In the principal Act, in section 6,-
(i) before the existing proviso, the following proviso shall be
inserted, namely:-
Amendment in section 6 of Punjab Act 25 of 1961.
"Provided that in case of Urban Co-operative Bank
(UCB), shareholding of an individual member, in no case, shall
exceed five per cent of the share capital:"; and
(ii) in the existing proviso, for the words "Provided that" the words
"Provided further that" shall be substituted.
4. In the principal Act, in section 7, for sub-section (1), the following
sub-section shall be substituted, namely:-
Amendment in section 7 of Punjab Act 25 of 1961.
"(1) For purposes of registration, an application shall be made
to the Registrar alongwith the Registration Fees, as may be prescribed, by the
Registrar from time to time.".
5. In the principal Act, in section 22, in sub-section (1), in clause (b), for
the words "two years", the words "three years" shall be substituted.
Amendment in section 22 of Punjab Act 25 of 1961.
6. In the principal Act, after section 26-B , the following section shall be
inserted, namely:-
Insertion of new section 26-C in Punjab Act 25 of 1961.
of its Committee, as per the requisition of the Reserve Bank
of India, is made under sub-section (3) of Section 70A, at any
time within a period of ten years before the date of incorpo-
ration of this section or at any time after such incorporation,
then, no member of such Committee shall be eligible for being
re-appointed, re-nominated, re-elected or re-co-opted on the
"26-C. In case of an insured Co-operative Bank, if an order for supersession Restriction on membership of an insured Bank imposed after the order of Reserve Bank of India as a consequence under Section 70- A. Committee of such bank or, for being a member or being appointed,
nominated, elected, or co-opted, as a member of Committee of such bank or
any other bank, for a period of two terms of the Committee from the date of
order of supersession of the Committee.".
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7. In the principal Act, in section 55, in sub-section (1), after clause (d),
for the words "such dispute shall be referred to the Registrar", the words "such
Amendment in section 55 of Punjab Act 25 of 1961.
dispute shall be referred to the Registrar within a period of six years" shall be
substituted.
8. In the principal Act, in section 66, for the words, figures, signs and
brackets, "purposes of Article 182 of the First Schedule to the Indian Limitation
Amendment in section 66 of Punjab Act 25 of 1961.
Act, 1908 (9 of 1908).", the words, figures and signs "purposes of Article 136
of the First Schedule to the Indian Limitation Act, 1963." shall be substituted.
9. In the principal Act, in section 68, in sub-section (2), in clause (e), for
the sign".", the sign ":" shall be substituted, and thereafter, the following proviso
Amendment in section 68 of Punjab Act 25 of 1961.
shall be added, namely:-
"Provided that if an appeal is filed beyond a period of sixty days, the
Appellate Authority may condone the delay for sufficient reasons.".
10. In the principal Act, in section 69, for Explanations (i) and (ii), the
following Explanations shall be substituted, namely:-
"(i) The Government shall notify the officers, who shall exercise Co-operative Societies may also notify the officers, who shall (ii) The application of a party to a reference shall not lie before
the Registrar, if an order or decision is made in revision by the
Registrar or any authority authorized by him in this regard.".
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STATEMENT OF OBJECTS AND REASONS
The Punjab Co-operative Societies Act 1961 came into existence
through Punjab Act No. 25 of 1961. During these years some inadequacies
have come to light, which have created practical difficulties for the field offices
in the State. Further, the Department of Cooperation has also received
suggestions / directions from the Government of Punjab and RBI to make
certain modifications through amendment of the Punjab Co-operative Societies
Act, 1961. In order to address the inadequacies and also to comply with the
directions of the Government of Punjab and the RBI, various amendments to
the Punjab Co-operative Societies Act have been made.
OBJECTIVES
1. To insert an enabling provision in The Punjab Co-operative Societies
Act, 1961 to charge registration fees along with the application for
registration.
2. To put restriction on membership of an insured bank imposed as a
consequent upon the order of RBI under Section 70-A.
3. To restrict individual shareholding of a member in case of Urban
Co-operative Bank (UCB) , in no case it shall exceed 5% of the share
capital:
4. To provide more clarity about effective disposal of revision petitions.
5. More time is proposed to be given to the office bearers for effecting
recovery of loans.
6. To provide a limitation period for referring arbitration disputes to the
Registrar.
SUKHJINDER SINGH, RANDHAWA,
Co-operation Minister, Punjab,