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Section 57: Winding up of co-operative societies

The Punjab Co-Operative Societies Act, 1961Union territory Act of Chandigarh · Act 25 of 1961

(1) If the Registrar, after an inquiry has been held under section 50, or an inspection has been made under section 51, or on receipt of an application made by not less than three-fourths of the members of a co-operative society, is of opinion that the society ought to be wound up, he may issue an order directing it to be wound up.

(2) The Registrar may of his own motion make an order directing the winding up of a co-operative society-

(a) where it is a condition of the registration of the society that the society shall consist of at least ten members and the number of members has been reduced to less than ten; or

(b) where the co-operative society has not commenced working or has ceased to function in accordance with co-operative principles.

THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 55 8TH FINAL PRINT AS ON 05.10.2006

(3) The Registrar may cancel an order for the winding up of a co-operative society, at any time, in any case where, in his opinion, the society should continue to exist.

(4) A copy of such order shall be communicated by registered post to the society and to the financing institutions, if any, of which the society is a member.

SECTION - 58

Where this provision sits

ActThe Punjab Co-Operative Societies Act, 1961
Section57
Marginal noteWinding up of co-operative societies
JurisdictionUnion territory of Chandigarh
StatusIn force as published by the source

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