Cabinet okays formulation of Punjab self-supporting cooperative societies rules 2019

Punjab self supporting cooperative societies rules 2019 , Cabinet Meeting

Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Monday approved a formulation of the ‘Punjab Self-Supporting Co-operative Rules 2019’ in an order to facilitate the voluntary formation of Self-supporting Co-operative societies as independent, self-reliant and democratic business enterprises that are free from the outside interference.

The Rules will help to achieve the objectives of the Punjab Self-Supporting Co-operative Societies Act 2006, an official spokesperson said, adding that the same will come into the effect from the date of notification in the Gazette of Punjab.

The Rules provide for forms of application for the registration of self-supporting cooperatives, for the conversion of Primary Cooperative Society into Self-Supporting Co-operative Society, and for the registration of amendment of bye-laws of Self-Supporting Cooperative Society.

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Meanwhile, it also includes instructions on the writing off bad debts and losses, displaying the list of defaulting members of society. It further envisages the manner of division of the area of operation of a self-supporting Cooperative Society into zones for the purpose of election of Directors of the Board of the society, dispute resolution, fee to the members of the Arbitration Council, maintenance of records of Arbitration Council, manner of communication of date, time and place of hearing, appeals, submission of reports and deposits of funds and manner in which the accounts shall be maintained by the Liquidator.

-PTC News