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Cabinet Okays formulation of Punjab Self-Supporting Cooperative Societies Rules-2019

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Chandigarh, March 2, 2020 (Yes Punjab News)

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

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

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

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The Rules also include instructions on writing off bad debts and losses, displaying the list of defaulting members of the society.

They further envisage the manner of division of 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.

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