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Section 6: The membership of the PICT shall be open to

Bye laws of PICTState Regulations of Punjab · 1961

i) All Apex Cooperative Institutions whose area of operation extends over the State of Punjab.

ii) Punjab Government.

5 iii) Any other Cooperative Institution which may be admitted as member by the Governing Board.

iv) Every member shall pay an admission fee of Rs. 1000/- on admission and shall take at least one share payable in lumpsum. The value of each share shall be Rs.10, 000/- v) Application for membership shall be addressed to the Managing Director PICT and every such application shall be disposed of by the Governing Board within one month of the receipt of application.

vi) Each Member shall be required to pay annual contribution fixed by the Registrar, Cooperative Societies Punjab from time to time.

Liability

7. The liability of a member for deficit in the assets of the PICT in the event of its being wound up shall be limited to the share capital subscribed by the member.

Corpus Funds

Where this provision sits

ActBye laws of PICT
Section6
Marginal noteThe membership of the PICT shall be open to
JurisdictionState of Punjab
StatusIn force as published by the source

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