i) Issuing of shares of the value of Rs. 10,000/- each.
ii) Annual Corpus of subscription from members fixed by the Registrar, Coop.Socs. for meeting expenses of training and education etc.
iii) Admission fee.
iv) Deposits or borrowings and such other grants, subscriptions or fees.
Share capital
9. The authorized share capital of the PICT shall be Rs. two crores.
Maximum credit limit
10. The Maximum credit limit of the PICT shall be as determined by the Governing Board of the PICT from time to time with the approval of the Registrar, Cooperative Societies, Punjab.
General Body
11. The General Body of the PICT shall consist of;- i) Registrar, Cooperative Societies, Punjab or his nominee not below the rank of the Additional Registrar, Cooperative Societies, Punjab.
ii) One representative of each member society.
iii) Managing Director, PICT.
iv) The General body shall be final authority in the affairs of the PICT. General body shall meet at least once in a year. The meeting of the general body shall be summoned by the 6 Chairman of the PICT .At least 15 days clear notice specifying the date, place, time & agenda for General Body meeting shall be given to all members. The quorum of the general body meeting shall be 1/4 of the total members.
v) Every member of the society shall have one vote and all matters will be decided by the majority of the votes and in case of equal votes the Chairman shall have a casting vote.
vi) The general body shall have, the following powers & duties:-
(a) Approval of the programme of the activities of the institute prepared by the governing board for the ensuing year;
b) Consideration of the audit report and the annual report;
(c) Apportionment of net surplus funds
(d) Appointment of auditor or auditing firm
(e) Information regarding admission and termination of members;
(f) Information regarding amendment of bye laws registered in previous year;
(g) Consideration of any inspection report under section 49 of the Act and inquiry report under section 50 of the Act action taken thereon by the concerned authority;
(h) Information regarding instructions issued by the Registrar under section 45 of Punjab state cooperative societies rules 1963;
(i) Information regarding transfer or lease or mortgage of immovable assets of cooperative society;
(j) Consideration of any other matter which may be brought forward in accordance with the bye-laws.
Governing Board