Move goals to streamline functioning of cooperative societies
CHANDIGARH: In a bid to streamline the functioning of Cooperative Societies, the Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Monday gave approval to amend the Punjab Cooperative Societies Act, 1961.
Notably, the mentioned Act got here into existence by means of Punjab Act No. 25 of 1961, and over previous a number of years some inadequacies have come to gentle, which have created sensible difficulties for the sector places of work in the State. Further, the Department of Cooperation has additionally obtained sure solutions/instructions from the Punjab Government and RBI to make modifications by means of modification of the Punjab Cooperative Societies Act, 1961. In order to deal with these inadequacies/shortcomings and in addition adjust to the instructions of the State Government and RBI, various amendments to the Punjab Cooperative Societies Act have been made.
Divulging the salient options of amendments, an official spokesperson mentioned that Section 7(1) has been inserted as an enabling provision in the Punjab Cooperative Societies Act, 1961 to cost registration charges together with the appliance for registration. Under Section 26C, a restriction has been placed on the membership of an insured financial institution imposed as a consequent upon the order of RBI beneath Section 70-A. Likewise, Section 6 restricts particular person shareholding of a member in case of Urban Co-operative Bank (UCB), to most 5% of the share capital. Sections 3(5) and 69 have been amended to offer extra readability about efficient disposal of revision petitions. Similarly, Section 22(1) has been amended to present extra time to the workplace bearers for effecting restoration of loans and Section 55 to offer a limitation interval for referring arbitration disputes to the Registrar.