Punjab Undesirable Cooperative Societies (Dissolution) Act, 1993

From: 1993-02-27 - To: 0000-00-00 An Act to prohibit the carrying on of business as financial institutions by Cooperative Societies and to provide for matters ancillary thereto. Preamble.– Whereas it is expedient to prohibit the carrying on of business as financial institutions by Cooperative Societies and to provide for matters ancillary thereto; It is hereby enacted as follows:- 1. Short title, extent and commencement.– (1) This Act may be called the Punjab Undesirable Cooperative Societies (Dissolution) Act, 1993. (2) It shall extend to the whole of the Punjab. (3) It shall come into force at once. 2. Definitions.– (1) In this Act, unless there is anything repugnant in the subject or context– (a) “Commission” means the Commission appointed by the Federal Government under section 3 of the Pakistan Commissions of Inquiries Act, 1956, by Notification No.F-2(1)/91-Pub, dated 6th November, 1991; (b) “Cooperatives Board” means a Board constituted under Section 5; [2][(c) “Cooperatives Judge” means a Judge of the Lahore High Court, Lahore, nominated as Cooperatives Judge by the Chief Justice of the said Court;] (d) “Government” means the Government of the Punjab; (e) “Liquidator” means a Cooperatives Board; (f) “Prescribed” means prescribed by Rules; (g) “Registrar” means the Registrar of Cooperative Societies appointed under the Cooperative Societies Act, 1925; (h) “Schedule” means the schedule to this Act; and (i) “Undesirable Cooperative Society” means a Cooperative Society registered under the Cooperative Societies Act, 1925 by whatever name called– (i) to which Section 4 applies; or (ii) which is specified in the schedule. (2) Words and expressions used but not defined shall have the same meanings as have been assigned to them in the Cooperative Societies Act, 1925. 3. Act to override other laws, etc.– The provisions of this Act shall have effect notwithstanding anything contained in any other law for the time being in force, or in any judgement or decision of any court or in any agreement, contract or instrument. 4. Registration of certain Cooperative Societies prohibited.– (1) No Cooperative Society formed with the object of accepting deposits from its…