PUNJAB GOVT. GAZ. (EXTRA), APRIL 26, 2021

(VYSK 6, 1943 SAKA)

EXTRA

EXTRAORDINAR

ORDINAR

ORDINARY

Published by Authority

CHANDIGARH, MONDAY, APRIL 26, 2021

(VAISAKHA 6, 1943 SAKA)

( liv )

LEGISLATIVE SUPPLEMENT

Contents

Pages

Part - I

Acts

The Punjab Co-operative Societies

(Amendment) Act, 2021.

(Punjab Act No. 20 of 2021).

Part - II

Ordinances

Nil

Part - III

Delegated Legislation

Nil

Part - IV

Correction Slips, Republications and

Replacements

Nil

______

.. 149-151

PUNJAB GOVT. GAZ. (EXTRA), APRIL 26, 2021

(VYSK 6, 1943 SAKA)

149

Short title and

commence-

ment.

Amendment

in section 3 of

Punjab Act 25 of

1961.

PART I

GOVERNMENT OF PUNJAB

DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS, PUNJAB

NOTIFICATION

The 26th April, 2021

No.20-Leg./2021.- The following Act of the Legislature of the State of

Punjab received the assent of the Governor of Punjab on the 26th day of

March, 2021, is hereby published for general information:-

THE PUNJAB CO-OPERATIVE SOCIETIES (AMENDMENT)

ACT, 2021

(Punjab Act No. 20 of 2021)

ACT

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)

This Act may be called the Punjab Co-operative Societies

(Amendment) Act, 2021.

(2)

It shall come into force at once.

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,"

shall be substituted.

In the principal Act, in section 6,-

(i)

before the existing proviso, the following proviso shall be inserted,

namely:-

"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.

Amendment in

section 6 of

Punjab Act 25 of

1961.

PUNJAB GOVT. GAZ. (EXTRA), APRIL 26, 2021

(VYSK 6, 1943 SAKA)

150

In the principal Act, in section 7, for sub-section (1), the following

sub-section shall be substituted, namely:-

"(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.".

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.

In the principal Act, after section 26-B , the following section shall be

inserted, namely:-

"26-C. In case of an insured Co-operative Bank, if an order for

supersession 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 incorporation 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

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.".

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

dispute shall be referred to the Registrar within a period of six years" shall be

substituted.

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 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.

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

shall be added, namely:-

Amendment in

section 7 of

Punjab Act 25 of

1961.

Amendment in

section 22 of

Punjab Act 25 of

1961.

Insertion of new

section 26-C in

Punjab Act 25 of

1961.

Amendment in

section 55 of

Punjab Act 25 of

1961.

Amendment in

section 66 of

Punjab Act 25 of

1961.

Amendment in

section 68 of

Punjab Act 25 of

1961.

Restriction on

membership of

an insured Bank

imposed after

the order of

Reserve

Bank of India as

a consequence

under Section

70- A.

PUNJAB GOVT. GAZ. (EXTRA), APRIL 26, 2021

(VYSK 6, 1943 SAKA)

Amendment in

section 69 of

Punjab Act 25 of

1961.

151

"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 these

powers on behalf of the Government. The Registrar of Co-operative

Societies may also notify the officers, who shall exercise these

powers on behalf of the Registrar.

(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.".

S.K. AGGARWAL,

Secretary to Government of Punjab,

Department of Legal and Legislative Affairs.

2281/4-2021/Pb. Govt. Press, S.A.S. Nagar