No person shall be admitted as member of a co-operative society except the following, namely :-
(a) an individual competent to contract under section 11 of the Indian Contract Act, 1872 (9 of 1872);
(b) any other co-operative society;
(c) the Government ; and
(d) such class or classes of persons or associations of persons as may be notified by the Government in this behalf.
F [15 A. Restrictions on individuals in becoming members of certain co-operative societies.
(1) No individual shall be admitted as member of a central or apex society unless such a society has been exempted by the Registrar in this behalf, by a general or special order.
(2) The Central and apex societies having individuals as members on the date of commencement of the Punjab Co-operative Societies (Amendment) Act, 1969, shall retire the shares of such individuals within a period of three years of such commencement in the prescribed manner.
EXPLANATION - For the purpose of this section, section 26, section 26-B and section 84-A. - F Inserted by Punjab Act No. 26 of 1969 section-6.
THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 18 8TH FINAL PRINT AS ON 05.10.2006
(a) “primary society” means a co-operative society whose membership consists exclusively of individuals ;
(b) “central society” means a co-operative society whose membership includes primary societies;
(c) “apex society” means a co-operative society whose membership includes central societies.]
F [15 - B. Provision for admission as member in the case of certain societies.
(1) Notwithstanding anything to the contrary contained in this Act :-
(i) every person eligible for admission as a member of a co-operative society shall be deemed to have been admitted as a member of the society from the date of receipt of his application for such admission in the office of that society;
(ii) the Registrar may, of his own motion or on a complaint made by the committee of the society or any aggrieved person, by an order determine that such a person is not eligible to be a member of the society and on such determination that person will cease to be a member :
Provided that no such order shall be made unless the person already admitted as a member is given an opportunity of being heard and where an order is to be made on the basis of a complaint it shall be made within a period of thirty days of the receipt thereof.
(2) The provisions of this section shall apply only to a Primary F Inserted by Punjab Act No. 8 of 1978, section-4.
THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 19 8TH FINAL PRINT AS ON 05.10.2006 Land Mortgage Bank and to a co-operative society having one of its objects advancing of loans for the purpose of raising of crops or seasonal agricultural operations.]
SECTION - 16