Cooperative Societies (Repayment of Loans) Ordinance, 1960

From: 1960-08-15 - To: 0000-00-00 An Ordinance to provide for the repayment of certain unsecured loans or loans insufficiently secured WHEREAS it is expedient to provide for the repayment of such loans taken from Co-operative Banks and other Co-operative Societies as have not been secured or are insufficiently secured; Now, THEREFORE, in pursuance of the Proclamation of the seventh day of October, 1958, and in exercise of all powers enabling him in that behalf, the President is pleased to make and promulgate the following Ordinance:- 1. Short title, extent and commencement.— (1) The Ordinance may be called the Co-operative Societies (Repayment of Loans) Ordinance, 1960. (2) It extends to the whole of Pakistan. (3) It shall come into force at once. 2. Definitions.— In this Ordinance, unless there is anything repugnant in the subject or context— (a) “Co-operative Bank” means a Co-operative Society established for carrying on banking business and having as its principal object the financing of other co-operative societies, and includes co-operative societies known as Banking Unions and Zamindari Banks; (b) “Co-operative Society” means a society which, having as its object the promotion of the common interests of its members in accordance with co-operative principles or having been established with the object of facilitating the operation of such a society, is registered under the Co-operative Societies Act, 1912, or under any other law for the time being in force relating to the registration of co-operative societies; (c) “loan” means loan, whether of money or in kind, which has not been secured or is insufficiently secured and taken— (i) from a co-operative society, not being a Co-operative Bank, by any person other than a member of such society, or (ii) from a Co-operative Bank by any person, including any member thereof, but not a co-operative society, and includes any transaction which, in the opinion of the Registrar is in substance a loan as aforesaid; Explanation— A loan is “insufficiently secured” if it is not secured by mortgage, pledge, hypothecation or assignment of such property of the borrower or of his surety or of both as, in the case of a loan not…