Cooperative Societies Act, 1925

From: 1925-12-04 - To: 0000-00-00 An Act to consolidate and amend the law relating to co-operative societies in [2][Province of the Punjab]. [3][Preamble.– Whereas it is expedient to provide for the formation, registration and regulation of cooperative societies for the promotion of thrift, self help and mutual assistance amongst agriculturist or other persons with common economic or social interests and for achieving better standards of living and for the matters incidental thereto; It is hereby enacted as follows:-] [4][CHAPTER I PRELIMINARY] 1. Short title.– This Act may be called the [5][* * *] Co-operative Societies Act, 1925. [6][2. Extent.– This Act shall extend to whole of the Punjab.] 3. Definitions.– In this Act, unless there is anything repugnant in the subject or context, [7][(a) “beneficial owner” means a natural person who owns or controls a society, whether directly or indirectly or by voting rights or by exercising effective control in that society or by such other means as may be prescribed;] [8][(aa)] “by-laws” means by-laws registered under this Act and for the time being in force and includes a registered amendment of such by-laws; (b) “Committee” means the Committee of Management or other directing body to whom the management of the affairs of a society is entrusted; [9][(bb) “Financing Bank” means a society the main object of which is to make loans in cash or in kind to any other society or to an agriculturist who is not a member of a society or to both societies and such agriculturists;] [10][(bb-i) “Government” means Government of the Punjab;] [11][(bbb) “Loan” includes finance as defined in the Banking Tribunals Ordinance, 1984 (LVIII of 1984) and all cognate expressions shall be construed accordingly]; (c) “Member” includes a person joining in the application for the registration of a society or a person admitted to membership after registration in accordance with the rules and by-laws applicable to such society; (d) “Officer” includes a Chairman, Secretary, Treasurer, member of committee or other person empowered under the rules or under the by-laws of a society to give directions in regard to the business of such society; [12][(dd)…