PUNJAB GOVT. GAZ. (EXTRA), APRIL 26, 2021
(VYSK 6, 1943 SAKA)
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
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.. 149-151
1
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)
AN
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. (1) This Act may be called the Punjab Co-operative Societies (Amendment) Act, 2021.
(2) It shall come into force at once.
2. 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.
3. 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.
150
4. 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.".
5. 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.
6. 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.".
7. 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.
8. 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.
9. 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.
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
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