BYE-LAWS OF THE PUNJAB STATE COOPERATIVE BANK LIMITED CHANDIGARH CONTENTS Sr. No.
Page No.
L Name, Address and Area of operation 1
2. Definitions. 1
3. Objectives 2
4. Objects 2
5. Banking Business 3
6. Authorised share capital 7
7. Liability of members. 7
8. Raising of money by deposits, debentures, loans 7 subsidies etc.
9. Membership 8
10. Admission of member and allotment of shares 9
11. Bank's lien on shares 9
12. Bank not bound to any but a registered member 10
13. Removal from membership 10
14. Termination of membership 11
15. Share certificate by whom to be signed 1
16. Approval and replacement of certificate 12
17. Transfer of shares.
12
18. Minimum shares ) 12
19. Maximum Credit limit 12
20. General Body 13
21. The General Body Meeting where to be held 13 22, Special General Body Meetings 13
22.3 Requisition to State the object of the meeting 13
22.4 On receipt of requisition Board to convene meeting 13
22.5 Notice of General Body Meeting 14
22.6 Notice by whom tobe signed 14 227 Businesstobe transacted in meeting 14
22.8 Quorum for General Body Meeting 14
22.9 If the quorum not present, meeting to be 14 disolved or adjourned (& scanned with OKEN Scanner
22.10 Chairman of meeting
23. Resolution how to be decided 15 24. General Body Supreme 15 25. Business of annual general Body meeting 15 26. Removal of elected member 15 27. Number of votes to which member is entitled 16 28. Minutes n 29. Board of Directors 17 30. Election of the Board 17 30.2 Vacancy, if any occurs :} 31. Disqualification of Directors n 32. Meeting of Directors ; P 33. Requisition of meeting 23 34. Election of office bearers 24 35. Powers of Chairman 2% 36. Payment of allowance to Directors for attending meeting 25 37. Powers of the Board of Directors 25 38. Executive Committee 28 38.2 Quorum 28 383 Termof Committee/Sub-Committee 28 39, Meeting of Executive Committee 28 40. Powers and duties of the Executive Committee. 28 41, Administrative Committee . 30 41.2 Quorum & 30 42, Meeting of the Administrative Cortimittee 3 43. Powers of the Administrative Committee 31 44, Dissent by the Registrar or his nominee in any 3 Sub-Committee how to be decided 45. Minutes of meeting of the Board and Sub-Committce 3 46. Appointment and Powers of the Managing Director 3‘1‘ 47. Loans 4 48. Inspections : s 49, Annual Statement 35 50. Profits 36 51. Reserve Fund ’ 36 52. Disputes : 36 53. Miscellaneous 8 54. PICT k:
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1. NAME, ADDRESS AND AREA OF OPERATION :
11 The name of the Society is “The Punjab State Coopeative Bank Ltd., Chandigarh.” It shall be refferred to hereinafter in these bye-laws as the “Bank”.
12 The registered office of the Bank shall be at Ropar with headquarters at Chandigarh. Any change in the headquarters may be made by the Board of Directors of the Bank with prior approval of the Registrar, Coopeative Societies Punjab. Any such change shall be communicated by the Bank to the Registrar, Cooperative Societies, Punjab within 15 days of such change in Headquarter.
13 The area of operation of the Bank shall extend over the State of Punjab.
2. DEFINITIONS :
In these bye-laws unless the context otherwise requires :
" 2.1 “Bank” means the Punjab State Cooperative Bank Ltd., 22 “Act” means the Punjab Cooperative Societies, Act, 1961 for the time being in force.
23 “Rules” means the Punjab Cooperative éocieties Rules 1963, framed under the Punjab Cooperative Societies Act.
24 “Board” means the Board of Directors of the Bank constituted as per provisions of these bye-laws.
25 “State” means the State of Punjab.
26 “NABARD” means National Bank for Agriculture and R ural Development.
27 “Reserve Bank” means the Reserve bank of Ind ia.
(& scanned with OKEN Scanner 28 Words and expressions defined in the Act, Rules and yseq in these Bye-laws, shall, unless the subject and context otherwise require, have meaning assigned to theminthe Act and the Rules.
3. OBIJECTIVES:
The objective of the Bank shall be :-To promote ang propogate the creation of a Cooperative Common wealth through socioeconomic transformation of the community by peacefyl and democrative means, maintaining the Cooperative character, following cooperative principles of voluntary association based on equal footing, democratic management, elimination of scope of individual profit, practice of thrift and readiness to work for mutual and common cause.
4, OBIJECTS:
The Objects for which the Bank is established are as under :
41 To serve as a balancing centre for cooperative societies (hereinafter called the society/societies) in the State of Punjab registered under the Act for the time being in force. ~ 42 Topromote the economic interest of the members of the Bank and Cooperative Societies in the State in accordance with cooperative principles and to facilitate the development and funding of any Cooperative Society registered under the said Act.
43 To establish and support or aid in the establishment of and support to association, institutions, funds, trusts and convenience designed to benefit the employees or €x:
employees of the Bank or the dependents or connections of such persons to grant pensions and allowances and make Payment towards insurance.
(& scanned with OKEN Scanner 4-T? carry on banking and credit business not repugnant to the -provisions of the Act, the Rules and Loan Policies/Schemes | framed thereunder for the time being in force and, in ! particular, to provide credit facilities to the members/nominal | members.
45 To adopt such measures as are conductive to the spread of cooperative education and training.
46 To promote and develop Cooperative Sacieties in the State.
4.7 To do all such other things as are incidental or conducive to the promotion or advancement or objects of the Bank.
4.8 Tosolicit or procure insurance business as a Corporate Agent.
5. BANKING BUSINESS :
The Banking business shall be :- 51 To accept for the purpose of lending or investment deposits of money from the public, cooperative societies, government semi-government institutions trusts, boards, corporation etc.
repayable on demand or otherwise and withdrawable by cheque, drafts, order or otherwise.
52 To borrow, to raise or to take up money, the lending or advancing of money either upon or without security, the drawing, making, accepting, discounting, buying, selling, 3 (& scanned with OKEN Scanner collecting and dealing in bills of exchange, hundies, promissory notes, coupons, drafts, bills of landing, railway receipts/warrants, debentures, certificates, scrips and other instruments and securities whether transferable or negotiable or not, the granting and issuing of letter of credit, traveller cheques and circular notes, the buying and selling of foreign exchange including foreign bank notes, the acquiring, holding, issuing on commission underwriting and dealing in stocks, funds, shares, debenture stock, bonds, obligations, securities and investments of all kinds, the purchasing and selling of bonds, scrips or other forms of securities on behalf of constituents or other, the negotiating of loans and advances, the receiving of all kinds of bonds, scrips or valuables on deposit or for safe custody or otherwise, the providing of safe deposit vaults, the collecting and transmitting of money securities and doing any other thing in connection with the “fulfilment of the above.
N 53 To open branches/regional offices/administrative offices in the state of Punjab and Chandigarh with the prior approval of Reserve Bank of India and the Registrar, Cooperative Societies, Punjab.
54 Toactas agents for any governement local authority or any Institutions established under an Act enacted by the Central or State Legislature under an order of the Central or State Government or any Ban in the Country or Public Trust or funds, State owned or controlled endowments and to account the moneys, securities or effects belonging to anyone of themin su u ch manner ang o, such terms as may be mutually agreed POn between the Bank and the party. AC uiri .
t :b:lsr:: Or Undertaking a5 agents the whole or any part of essofany C0operative society registered under the 4 (& scanned with OKEN Scanner Act and carrying on business which the Bank is authorised to carry on subject to the approval of the Registrar.
5.6 Contracting for public and private loans and negotiating and issuing the same.
5.7 Effecting, insuring, guaranteeing, underwriting, participating in managing and carrying out of any issue, municipal or other loans or debentures of any cooperative society.
58 Carrying on and transacting every kind of guarantee and indemnity business on behalf of members and depositors of the Bank.
59 Undertaking and excecuting trusts.
5.10 Undertaking the administration of estates as executor, trustee or otherwise.
5.11 To acquire, construct, maintain, alter a building or works necessary or convenient for the purpose of the Bank and to sell, improve; manage, develop, exchange, lease, mortgage, dispose of or otherwise deal with all or any part of property and rights of the Bank.
5.12 Arranging for getting guarantees through various guarantee organisation under credit guarantee scheme for small scale industries sponsored by the Government of India or State Government for loans guaranteed by the Bank or affiliated Cooperative banks to cooperative Societies for small scale industry.
513 To funciion generally as an organisation for the provisions of credit for agricultural non-agricultural purposes, marketing and processing credit to the Cooperative Societies and for ensuring efficient performance of such cooperative societies.
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5.14
5.15
5.16
5.17 518
5.19
5.20 participating with the affiliated cooperative Banks in financing the small scale industries, as also societies of weaker section sellingand realising any property which may come Managing, A !
n of the Bankin satisfaction or part satisfaction into possessio ofany of the clai ms.
Acquiring and holding and generally dealin g which any property or any right, title or int erest in any such property which may form the security or part of the security for any loans or advances or which may be conn ected with any such security.
To buy and sell securities for the investment of its surplus funds and to act as agent for buyers and sellers of securities of the Government of India or of the State Government. Treasury Bills or other trustee securities and to transfer endorse, pledge such securities or shares held by the Bank for raising funds or to lodge them as collectoral security for money borrowed by the Bank.
Subscribing to the share capital of Cooperative societies if and when necessary within the frame work of the Banking Regulation Act. - Providing all the banking facilities to the publicin general and to the cooperative societies in particular by opening branches, Regional offices, Divisional offices/Administrative office and lt:th?r bestablishment in the Indian union except the State of unjab.
20"13 any other form of business which Central or Staté overenment may by notification in the official gazetté specify as a form of business in which it is lawful for the pank toengage, (& scanned with OKEN Scanner
5.21 Doing all such other things as are incidental or conducive to the promotion or advancement of business of the Bank.
5.22 Doingany other things beneficial for the Bank which the Board of Directors by a unanimous decision resolve to do and for which approval of the Registrar has been obtained before hand.
6. AUTHORISED SHARE CAPITAL:
. .The e?uthorised share capital of the Bank shall be Rs. 200.00 crores divided into 200 lacs shares of Rs. 100/- each.
7. LIABILITY OF MEMBERS :
The liability of share holder other than State Govt. for deficit in the assets of the Bank, in the event of its being, wound-up, shall be limited to five times of the share or shares held by the said share-holders.
Liability of State Govt. shall be restricted to the face of share (s).
8. RAISING OF MONEY BY DEPOSITS DEBENTURES, LOANS, SUB-SIDIES ETC.
The Bank shall ordinarily obtains funds from the following sources : i a) Share subscriptidn;
b) Deposits from membersand non members;
c) Loans and subsidies from the Govt. and other institutions;
d) Stock by floating of debentures, on such terms and conditions as may be approved by appropriate authority.
e) Surplusresources of Central Cooperative Banks.
f) Loans from the Reserve bank, NABARD, NCDC, National Housing Bank, State Bank of India and its subsidiaries, other State Cooperative Banks and such other Banks as may be approved by the Registrar;and g) Otherborrowings.
(& scanned with OKEN Scanner 9, MEMBERSHIP:
The membership of the Bank shall be open to the following .
91 (a)Central Cooperative Banks in the State,
(b) Deleted
(c) Deleted 92 Nominal membership shall be open to a person of a class of persons, a cooperative society or a class of Cooperatiye societies or an association or a class of associations approveq by the Registrar/Board for this purpose by ageneral or specia| order and admitted by an officer authorised by the Board in this behalf to enable the Bank to transact business which provides banking facility and render service to them such as advances, over-drafts, cash credit, bill discounting et Nominal member will not pay any share capital but will pay an admission fee of Rs. 10/-. Admission fee will g0 to the Reserve Fund. Nominal member shall have no right to vote or to participate in the Management of the bank or into the distribution of profits. He/She shall incur no liability in the event of winding-up of the Bank.
93 Not withstanding anything contained in these bye-laws, a nominal member shall cease to be a nominal member of the bank upon an officer duly authorised by the Board of the Bank certifying that no amount whatsoever is due from such a member, 94 Not Withstanding the provision of these bye-laws, the Government of Punjab may contribute to the share capital of the Bank.
The said share capital shall be liable to be retired in such Manner as the Government of Punjab may decide.
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10. ADMISSION OF MEMBER AND ALLOTMENT OF SHARES :-
10.1 Application for membership of the Bank shall be addressed to the Managing Director in writing in the form prescribed for the purpose together with the admission fee of Rs. 10/- and with a sum of Rs. 100/- for each share applied for. The application so received shall be disposed of by the Board within a period of three months from the receipt of the application in the bank. The Cooperative Societyif ~admitted shall be alloted share or shares applied for or such smaller number as the Board may deem fit. If the application is rejected, the decision refusing admission alongwith reasons therefore shall be comminicated by the Bank to the applicant within thirty days from the date of the decision. The amount tendered with the application shall also be refunded to the applicant.
10.2 The condition regarding admission fee and application for membership shall not apply to the Government/Apex Bank.
103 Application for allotment of additional shares shall be disposed of by the Managing Director or one or more officers authorised by the M.D. in this behalf.
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11. BANK'S LIEN ON SHARES :
The Bank shall have a first and paramount lien upon all the share and dividends of any member for all moneys from time to time due or payable to the Bank by him, and the shares of any member who may be indebted to the Bank may by an order of the Board be set off to satisfy the Bank's lien thereon and transferred into the name of purchaser without any consent and not withstanding any opposition on the part of the indebted member and complete title to the shares of any member alleged by the Board to be indebted to the Bank which shall be set off and transferred shall be acquired by the 9 (& scanned with OKEN Scanner — e rchaser by virtue of such sale and transfer agains t s, .pl:jebted memberand all persons claiming under him Whethe, ;:e may be indebted to the Bank in point of fact or Not. Any such transfer shall be signed‘on behalf of the ban by the Managing Director or any officer of the Bank autho riseq by the Board in this behalf.
12. BANKNOTBOUND TO ANY BUT A REGISTERED MEMBER ;
The Bank shall not be bound to recognise any equitable contingent, future of partial interest in any share or inany other right in respect of a share other than an absolyte right thereto, in accordance with those presents in the person, or persons from time to time registered as member in respect thereof.
13. REMOVALFROM MEMBERSHIP :
A member of the Bank may be expelled by a majority of two thirds of those present at general Body meeting at which not less than one half of the total number of membersare present for one or more of the following reasons :- 131 Ifthemember persistently defaults in the payment of amounts due to the Bank.
132 Ifthe member fails to observe the Act and or the Rules framed thereunder and or Bye-laws without any reasonable causes.
133 Ifthe conduct of the member is contrary to the said objects of the Bank or Prejudicial to the interest, reputation or the -stability of the Bank, 134 No resolution of explusion of member shall be valid, unless the member concerned is given an opportunity of "epresenting his Case to the General Body.
10 | (& scanned with OKEN Scanner 135 No member of the bank who has been expelled under the foregoing clause shall be eligible for readmission as amember of the bank for a period of one year from the date of such explusion.
136 Aftera member of the Bank is expelled/ceased, the shares of the said member, may be transferred, under the bye-laws, after three months from the date of explusion/ceasation by the Board and proceeds thereof after deducting all dues, be forwarded to the said member within one month after transfer.
14. TERMINATION OF MEMBERSHIP :
The membership of the Bank shall be terminated by :-
14.1 Concellation of the registration of an affiliated cooperative society; or
14.2 Ceasing to hold at least one share or 143 Expulsion of the members by the General Body.
15. SHARE CERTIFICATE BY WHOM TO BE SIGNED.
Every allottee of shares shall be entitled to receive gratis a certificate or certificates signed by the Managing Director and one other Officer of the Bank authorised by the Board in this behalf.
16. APPROVALAND REPLACEMENT OF CERTIFI CATE:
If any such certificate be torn, damaged or lost, it may be replaced on payment of asum which the Board may from time to time fix for every share comprised therein provided such evidence as the Board may deem reasonable be af orded of the loss of such certificate and of the title thereto of the party applying for the replacement and provided such indemnity be given in respect of the issue of the new certificate.
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17. TRANSFER OF SHARE:
No share shall be withdrawn, but shares may be tra"Sferred toan affiliated cooperative society or to a Cooperative sogj ety duly qualified for membership and approved by the Board or to the Government keeping in view the overall interest of the Bank, but no member shall be permitted to alienate in any way shares belonging to it while being indebted to the Bank, if the Board deems fit, the share may be purchased by the Bank out of the "Share Transfer Fund".
Inthe case of Cooperative Society under orders of winding up the Board may, on the request of liquidator dispose of the share as they deem fit.
18. MINIMUM SHARES :
Each member except nominal member shall hold at least one share of the value of Rs. 100/- Full value of the shares will be payable by the member on admission.
19. MAXIMUM CREDIT LIMIT :
The Maximum credit limit of the Bank shall be 35 times of its owned funds,
20. GENERALBODY :
The General body shall consist of the following :- 201 Representatives of the member cooperative societies.
202 Nominees of the Government on the Board.
203 Registrar or his no . itional minee not below the rank of addition Registrar, 12 (& scanned with OKEN Scanner
21. THEGENERALBODY MEETING WHERE TO BE HELD :
A meeting of the General Body of the Bank shall be convened by the Chairman or in his absence by the Vice Chairman. The General Body Meeting shall be convened every year within a period of six months from close of the financial year.
22. SPECIALGENERALBODY MEETINGS :
221 The Board may convene a special General Body meeting whenever it deems fit.
222 The Board shall convene a special General Body meeting within one month upon receiving a requisition in writing from the Registrar or signed by not less than one fifth of the member.
REQUISITION TO STATE THE OBJECT OF THE MEETING :
223 Any requisition so made by member/Registrar, shall express the object of the meeting proposed to be called and shall be delivered to the Managing Director.
ON RECEIPT OF REQUISITION BOARD TO CONVENE MEETI NG:
224 On receipt of any such requisition the Board shall f orthwith convene a special General Body meeting and if they fail to give notice convening such meeting within one month from the receipt of such requisition, the Reg istrar or any person authorised by him in this behalf, shall have the power to call such a meeting shall be deemed to be a meeting duly called by the Board.
NOTICE OF GENERAL BODY MEETING :
225 Notice of the General Body Meeting specifying the place date and hour of the meeting and the business to be transacted there at shall be despatched by th e registerred post or publication into two dailies, giving fi fteen clear days notice.
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NOTICE BY WHOM TO BE SIGNED.
226 Every such notice shall be signed by the Chai rmap, o absence by the Vice Chairma n of the Bank.
BUSINESSTO BE TRANSAC TED IN MEETING :
227 Nobusiness other than that which has been mentione d inthe notice cenvening a meeting shall be transa cted at such in hi meeting.
QUORUM FOR GENERAL BODY MEETING :
228 The quorum for a General Body meeting shall be one foyrth of the total number of the members.
IF THE QUORUM NOT PRESENT, MEETING TO BE DISSOLVED OR ADJOURNED:
22.9 If within one hour from the time fixed for the meeting, there is no quorum the meeting, if convened upon a requisition of member, shall be dissolved and no further general body meeting shall be convened on the strength of that requisition.
If the general body meeting is convened otherwise, then on requisition the Chairman shall postpone the meeting to a future date for which fresh notice shall be given. The business at the subsequent general body meeting may be transacted with the number of members present. ) CHAIRMAN OF MEETING :
22.10 The Chairman or in his absence the Vice-Chairman shall preside overall General Body Meetings. In the absence of the Chairman and the Vice-Chairman, the members present shall electoné o them as Chairman of the meeting. The Chairman shall have @ Casting vote in the case votes are equal.
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23. RESOLUTION HOW TO BE DECIDED :
23.1 Subject to provisions of Act and Rules every resolution in a genéral body meeting shall be decided on the basis of majority of votes as evidenced by a show of hands and in the case of an equality of votes the Chairman shall have a casting vote in addition to his own.
24. GENERALBODY SUPREME:
Unless otherwise provided in these Bye-laws, the General Body shall be the final authority in all the matters relating to the business of the Bank.
25. BUSINESS OF ANNUAL GENERAL BODY MEETING :
Without prejudice to all general provisions of the bye-laws, the following among other matters shall be dealt wit h by the General Body :-
25.1 Approval of the programme of the activities of the Bank prepared by the Board for the ensuing year.
252 Election, if any of the members of the Board other than nominated members in accordan ce with the Act, Rules and the Bye-laws.
253 Consideration of the Audit report and the Annual report.
254 Disposal of the net profit.
255 Appointment of auditor or a uditing firm.
256 Information regarding admissi on and termination of members .
25.7 Information regarding amend ment of bye-laws registered in the previous year.
15 (& scanned with OKEN Scanner L ideration of any inspection report under section 49 of nsi 258 ChOl \ctandany inquiry report under section 50 of this Ac ang S 0 ) tion taken thereon by the concerned authority.
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5.9 Information regarding instructions issued by the R egistrar
25. under rule 45 of the Punjab State Cooperative Soceites RuIes,
1963.
25.10 Information regarding transfer or lease or mortgage of immovable assets of the Cooperative Society.
25.11 Consideration of the loans and advances made to the members of the committee and their relatives, the defaults, if any, anq the action taken for recovery thereof; and.
25.12 Consideration of any other matter which may be brought forward in accordance with the bye laws.
26. REMOVAL OF ELECTED MEMBER:.
No resolution of the General Body removing the elected members of the Board shall be valid unless it is carried by a majority of the two thirds at general body meeting at which not less than one half of the total number of members are present.
27. NUMBER OF VOTES TO WHICH MEMBER IS ENTITLED.
Each member shall have one vote irrespective of the number of shares held by him.
28. MINUTES :
All decision takenin a general body meeting shall be recorded ina proceedings book which shall be signed by the Chairman of the Mmeeting.
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29. BOARD OF DIRECTORS :
The business of the Bank shall be carried on and managed by Board.
The provisions of the Bye-laws of the bank and the Act shall be adhered to by the Election Authority in the matter.
A declaration as in Annex. | shall be obtained from each elected director. A special Board level committee shall be set up by the elected Board to satisfy itself about the information provided by the directors in the declaration.
The Board shall be constituted as hereunder :- 291 One Director each shall be elected from 14 Central Cooperative Banks which have highest CRAR as on th e date to be determined by Registrar Cooperative Societ ies, Punjab.
Another two Directors shall be elected from 6 Central Cooperative Banks which have lowest CRAR as on the date to be determined by Registrar Coope rative Societies, Punjab.
For this purpose two zones of three Cent ral Coop. Banks shall be constituted.
Provided that CRAR shall be calcul ated after excluding the share capital contribution by Stat e Government made during one year preceding the date fixed by Registrar Coop. Soc ieties Punjab fordetermining/caIc ulating the CRAR.
29.2 Deleted 17 (& scanned with OKEN Scanner 293 294
29.5 296
29.7 Two nominees of the State Government.
Registrar or his nominee not below the rank of Additiong| Registrar.
Managing Director of the Bank Representative of NABARD Two professionals to be coopted as Directors by the Board of Directors from amongst the persons who are eligible as per fit and proper criteria fixed by Reserve Bank of India for cooption of Directors. Such Directors shall not have any voting rights.
18 (& scanned with OKEN Scanner Annexure-l Details Personal details of the Candidate Full Name Date of Birth Educational Qualifications o | l o | e | | - Relevant Background and experience including details of current/previous occupation Permanent Address E-mail address/Telephone Number Present Address T | l o | ™ m m Permanent Account Number under the Income Tax act and name and address of Income Tax Circle Record of relevant professional achievements Relevant knowledge and experience Any other information relevant for the purpose Relevant relationships List of relatives if any who are connected with the Bank.
List of entities if any in which he/she is considered as interested Fund and non fund facilities, if any, presently availed by him/her and/or by entities listed in 'b' above from bank Cases, if any, where the candidate or entities listed in 'b' above are in default or have been in default in the last five years in respect of credit facilities obtained fr om the bank or any other bank.
Proceedings, if any, against the candi date If the candidate is a member of a 19 (& scanned with OKEN Scanner professional associatipn/body, det.ails of disciplinary action, [f any, pen.dI.ng or commenced or resulting in convictio n in the past against him/her or whether he/ she has been banned from entry into any profession/occupation at any time.
Details of prosecution, if any, pending of commenced or resulting in conviction in the past against the candidate and/or against any of the entities listed in Il (b) for violation of economic laws and regulations.
Details of criminal prosecution, if any, pending or commenced or resulting in conviction inthe last five years against the candidate.
Has the candidate or any of the entities investigation at the instance of Government Department or agency?
Has the candidate at any time been found guilty of violation of rules/regulations/ legislative requirements by customs/ excise/income tax/foreign exchange/ other revenue authorities, if so give particulars Any other explanation/information considered relevant for judging fit and proper Undertaking :
I confirm that the above information is to the best of my fully informed, as soo subsequent to my app
Provided above.
20 knowledge and belieftrue and complete. | undertake to keep the bank n as possible, of all events, which take place ointment, which are relevant to the information Signature | - (& scanned with OKEN Scanner P
30. ELECTION OF THE BOARD :
30.1 Election of the Board of Directors shall be conducted in such a manner as may be laid down in the Act, the Rules, Bye-laws and instruction issued by the Registrar, from time to time.
The term of office of elected Board of Directors shall be five years from the date of its election.
The office bearers shall be elected by the elected members of the Board of Directors from amongst themselves.
The term of elected office bearers shall be co-terminus with the term of the Board. Provided that the elected office bearers can be removed by a vote of no confidence through a resolution passed by 2/3rd majority of the total elected memebrs of the Board. New office bearers shall be elected for the remaining term of the Board.
The nominated members shall have no right tovote in election or removal of the office bearers.
VACANCY IF ANY OCCURS :
302 (a) When avacancy occurs on the Board by resignation, expulsion, ceasation, or otherwise, it may be filled by election. The person so elected shall hold office for the remaining term of the Board.
(b) Provided that a vacancy on the Board may be filled by nomination out of the same class of members in respect of which the vacancy has arisen, if the terms of office of the Board is less than half of its original terms.
(c) Provided further that such casual vacancy shall be filled in a meeting of the committee held in the presence of a nominee of the Registrar.
21 (& scanned with OKEN Scanner 10N OF DIRECTORS :
31, DIS-QUALIFICA T mber of the Board shall cease to hold Any elected me office if - 311 Hebecomes inso lvent.
312 Heis convicted of any offence invol ving dishonesty or moral turpitude.
313 Hebecomesa paid-employee of :-
(a) anycooperative society:
(b) any local body/institution constituted under the Central/State Act except members of Salary Earners Cooperative Societies.
(c) the Government.
314 By any reason of mental or bodily informity he becomes incapable of acting.
315 Heis in default to any cooperative society in respect of any sum due from him to the cooperative society or owes to any cooperative society an amount exceeding his maximum credit limit.
316 He becomes subject to any disqualification, which have p.revented him from seeking election had he incurred that disqualification before election. " 317 Heisinterested or becomes interested directly or indirectly inany contract made with the Bank or in any sale or purchase made by the Bank privately or in auction or any contract or transaction with the Bank (other than investment 0f borrowing) involving financial interest.
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31.8 He as an elected memebr, fails withoyt sufficient reasons, approved by the Board to attend three consecutive meetings.
319 Ceases to be a director/re Presentative of the Cooperative Society he represents.
31.10 Subsequent to this election, a person related to him as defined in rules 2(k) of the Rules, is appointed in the service of the Bank without previous sanction of the Registrar under rule 46 of the Rules. The Managing Director shall, however, apply to the Registrar for the requisite approval under Rule 46 under due intimation to the concerned member.
3111 He is a representative of a cooperative society which is a defaulterin respect of any amount to the Bank or to any other cooperative society continuously for a period of three months, 3112 He incurs any other disqualification laid down in the Act and Rules.
32. MEETING OF DIRECTORS :
A meeting of the Board shall be convened by the Managing Director under the directions of the president. The Board shall meet for the disposal of the business as often as may be necessary but at least once in three months. One third of the members of the Board shall form the quorum.
33. REQUISITION OF MEETING :
One third of the total members of the Board may requisite a special meeting of the Board by giving notice to the Chairman.
The requisition has to be in writing, expressing the object of the meeting to be called. On the receipt of requistion the Chairman shall convene a meeting of the Board. If he fails to do so within 30 days of the receipt of requisition the Registrar 23 (& scanned with OKEN Scanner on an application of the signatories of the requisitio n, may summon a meeting of the Board. The Registrar on hjg own motion may summon, at any time a meeting of the Boarg, If within half an hour of time fixed for a meeting of the Boarg, Quorumis not forthcoming, the Chairman of the meeting shall, if meeting has been called on the requisition of the members of the Board dissolve it. If the meeting is convened otherwise than on requisition, the Chairman shall postpone the meeting to a further date. A fresh notice for the subsequent meeting of the Board shall be given to all members.
34, ELECTION OF OFFICE BEARERS :
The members of the Board shall elect from amongst themselves a chairman and a Vice-Chairman and they shall hold office till the Board's term lasts. In case of any vacancy, the Board shall fill up the vacancy through election for the unexpired term of the Board. The Chairman or in his absence the Vice-Chairman shall preside over all meetings of the Board. In the absence of the both of them, a Chairman of the meeting shall be elected from among the members present at the meeting. :
35. POWERS OF CHAIRMAN :
351 The Chairman shall convene the Annual General Body Meeting and preside over the annual or special General Bo dy Meeting, Board meeting, Executive Committee Meeting or meeting of any other sub-committee appointed by the Board of w hich Chairman is a member, 352 The Chairman shall exercise all the powers delegated t i by the Board.
24 (& scanned with OKEN Scanner 353 Whenever the vice-chairman functions as chairman in the absence of the Chairman, he shall exercise all the powers of the Chairman.
36. PAYMENT OF ALLOWANCES TO DIRECTORS FOR ATTENDING MEETING :
The directors shall be entitled to travelling and other incidental expenses incurred in consequence of their attendance at Board meetings and otherwise in performing their duties as directors and to remuneration as may be fixed by the Board and approved by the Registrar,
37. POWERS OF THE BOARD OF DIRECTORS :
The Board shall exercise the following powers and duties :-
37.1 Toelect the Chairman and Vice-Chairman of the Board.
372 Toaccept the resignation of the Chairman, Vice Chairman or the directors of the Bank. Such resignation shall take effect from the day it is accepted by the Board.
37.3 To fix remuneration of employees of the Bank subject to the approval of the Registrar.
374 To lay down rules pertaining to the qualifications of the employees, their recruitment, grade, promotion, discipline etc. consistent with the Act, the Rules and the Bye-laws subject tothe approval of the Registrar.
37.5 To appoint a director or directors of any other officer to represent the Bank on the Managing Committee or General Body of any cooperative society of any other institition, 376 To constitute the Executive Committee the Administrative Committee.
25 (& scanned with OKEN Scanner al sub-committee consisting to not m ore than fwhom must bea Go vernement nominee of specific matter ref erred to it. Managing officio member.
377 To appoint speci five directo rs oneo toadvise the Board Director shall be ex- 378 Deleted.
379 Toadmit new member s and to order the t ransfer of shares,
37.10 To fix T. A/sitting fee payable to directors subjec t to the approval of the Registr ar.
37.11 Toframerules for pro viding facilities and rende ring service to nominal members of the bank.
37.12 To frame subsidiary rule s for regulating business and working of the Bank, consistent with the pr ovisions of these bye-laws.
37.13 To decide terms and period for and the rates of interest at which deposits are to be received.
37.14 To decide the terms and the period for and the rates of interest at which loans are to be given.
37.15 To open branches, pay offices and ext ension counters with the approval of the Registrar.
37.16 To consider appeal of an employee against the order of the Administrative Committee/Managing Director awarding punishment provided it is filed within 30 days of the is sue of such order.
37.17 To consider and decide any issue where the difference of opinion exists between the Government nominee and the rest of the members of any sub-committee.
37.18 To delegate any of its powers to the Executive Committee:
Administrative Committee any other. sub-com mittee 26 (& scanned with OKEN Scanner constituted by the Board or any officer/officers of the Bank acting singly or jointly from time to time or withdraw all or any of the powers and duties so delegated.
37.19 Toactas agents for the Government or local authorities or aninstitution established under an Act enacted by the Central or State-Legislatures or under an order of the Central or State Government or any Bank or Public Trust or funds, State owned or controlled endowments and to turnto account the moneys, securities or effect belonging to any of them in such manner and on such terms as may be mutually agreed upon between the Bank and other party or parties.
37.20 To maintain a pool of officers for loa ning to member Cooperative societies including Central Cooperative Banks, and Urban Coop. Banks and to frame rules and regulations for administrating the pool.
37.21 To approve annual budget of the Bank.
37.22 To observe in all transactions, the provisions of the Act, the rules the bye-laws and the instructions of the Registrar.
37.23 To Facilitate the annual audit and to prepare and submit to General Body the annual programme of next year. Annual Report of the preceding year and audited balance sheet (s).
37.24 To invest in the shares of any cooperative society or with the prior approval of the Registrar in any other institution.
37.25 To do all or any act in confermity with and in support of the objectives of the Bank.
38. EXECUTIVE COMMITTEE 381 There shall be an Executive Committee consisting of nine members including the Chairman, the Vice-Chairman, the 27 (& scanned with OKEN Scanner I Registrar oF his nominee not below the rank of Additiona| Registrar, the Managing Director and five directors eletoy by the Board from amongst themsel ves.
QUORUM 382 Three members shall form the quo rum.
TERMS OF THE COMMITTEE/SUB COMM ITTEE 383 The term of such committee constituted By Boarq shall be ceterminus with that of Board.
39, MEETING OF EXECUTIVE COMMITTEE The Executive committee shall meet as often as may pe necessary but atleast once in 3 months. At least seven clear days notice of the meeting shall be given.
40. POWERS AND DUTIES OF THE EXECUTIVE COMMITTEE The Executive Committee shall excercise the following powers and duties :- 401 To observe in all transactions, the provisions of the Act, the Rules and the Bye-laws and the instructions of the Registrar.
402 Toacquire building by purchase or on lease in connection with the business/residence for the employees of the Bank onsuch terms as may be decided. T 403 To compound or allow time for payment or satisfaction of any debts due or any claims or demands by or against the Bank and to refer any claims or demand by or against the Bank® arbitration and observe and execute the awards.
Toinstitute, conduct, defend, compromise, refer to arbitratio” Orsuspend legal proceedings and claims by or againstthe " th’ Ongh any officer of the Bank. o lfoz'fiemzrt?xrow such sums of money as may Zicrsrql:““ce With ang subj;?tet for the purpose of the Bank 1: e 0 the provisions of these bye-12 28 404 405 (& scanned with OKEN Scanner Act and the Rules and to pledge Government securities, trustee securities and other assets of the Bank as securities for loan, Cash credit limits, overdrafts from the Reserve Bank of India, NABARD, State Bank of India and its subsidiaries.
Coop. Banks and any other Scheduled Bank or from the State/ Central Government:
40.6 Toenter into arrangements for raising of loans and credit.
40.7 To grantloans to cooperative societies functioning in the area of operation and to arrange for the verification of the securities in case of secured loans.
40.8 To sanction extension of period of loans with full justification for the same.
409 To buy, sell, endorse, assign, pledge, or otherwise negotiate securities issued by the Central or State Government/Trustee Securities/debentures/shares etc. on behalf of the Bank as well as on behalf of the other Cooperative Societies or any person and to authorise in this behalf any officer/officers of the Bank and to arrange for the safe custody of the securities owned or pledged with the Bank.
40.10 The make advance orlend money to co-operative societies at such rates of interest as the Board shall deem fit and either with or without taking any security for the repayment thereof Or upon security of property whether moveable or immoveable or documents of title or otherwise.
40.11 To issue letter of credit and to guarantee on behalf of the Cooperative Societies, payment of money for import or purchase of machinery, implements fertilizers and/or other requisites as are required for the conduct of business in accordance with their Bye-laws or to generally give bankers Buarantee on their behalf and to give such guarantees on behalf of other constituents and depositors of the bank. 40.12 To open accounts with other banks.
29 (& scanned with OKEN Scanner sure compliance of suggestions an d instructions - Izn(‘:ined in the inspection or audit notes relating to the Bank,
40.14 To exercise powers as may be delegated by the Board.
40.15 To delegate any of its powers to any officer/of ficers of the Bank acting singly or jointly from time to time o r withdraw al or any of the powers and duties so delegat ed.
40.16 To approve deputation of Non Common Cadre officials from one Distt. Central Coop. bank to another or from Apex Bank to Distt. Central Coop. Banks and vice versa against the posts meant to be filled up by way of direct recruitment only. This period of deputation can be upto a maximum of three years.
41. ADMINISTRATIVE COMMITTEE 411 There shall be an Administrative Committee consisting of five members including the Chairman, the Registrar or his nominee not below the rank of Additional Registrar, the Managing Director and 2 (two) directors elected by the Board from amongst themselves.
QUORUM 412 Three members shall form the quorum. Out of it one must be elected member.
42. MEETING OF THE ADMINISTRATIVE COMMITTEE The administrative committee shall meet as often as may be .necessary but atleast once in three months. At least seven clear days notice of the meeting shall be given.
The Administrative Committee shall exercise the following powers :-
43. POWERS OF THE ADMINISTRATIVE COMMITTEE 43, o 1 To adr.mmster the rules for the Common Cadre employees and ermse all the powers vesteq in it under the aforesaid rules " sm 2 be delegated by the Board from time to time- 30 (& scanned with OKEN Scanner
44. DISSENT BY THE REGISTRAR OR HIS NOMINEE IN ANY SUB- COMMITTEE HOW TO BE DECIDED All decisions shall be taken by the majority of votes. In case of equality of votes the Chairman shall exercise a casting vote.
Provided that in case the Registrar or the Government nominee gives a note of dissent, the matter shall be referred by the Managing Director to the Board in its next meeting for decision.
45. MINUTES OF MEETING OF THE BOARD AND SUB-COMIVIITTEE.
451 The minutes of the meeting of the Board, Executive Committee, Administrative Committee and any other Sub- Committee shall be recorded in the respective proceedings books.
452 All'such minutes shall be signed by the person presiding over that meeting and shall for all purposes, whatsoever, be primafacie evidence of the passing of resolution and the business translated in that meeting.
46. APPOINTMENT AND POWERS OF THE MANAGING DIRECT' OR.
There shall be Managing Director, who shall be the principal Executive of the Bank and it is provided further no person shall be appointed to act as Managing Director unless he is a member of Indian Administrative Service, Punjab Civil Service (Executive Branch), or a Deputy Registrar, a Joint Registrar or an Additional Registrar, Cooperative Societies, Punjab. He shall be amember of the Board. He shall exercise the following powers and duties :- :
461 Tosuperintend the working of the Bank and be responsible for " the proper maintenance of all accounts.
462 To arrange to maintain correctly and upto date the register of members and the share list.
463 To arrange to secure the due execution of the bonds and documents.
31 (& scanned with OKEN Scanner the calling of the meeti ng of Genera| g To arrange for 4y, the 464 goard, the Executive Committee the Administrative C ommi and any other sub-comm ittee tee 65 To appoint, transfer suspend reinstate or punsih employees ' 0 the Bank.
466 To transfer-suspend, charge sheet any em ployee of the pap porne on the common Cadre and inform Administratiye Committee accordingly.
467 To determine powers, dutie s and responsibilities of the employees of the Bank .
468 Toinstitute, conduct, defend, co mpound or abandon any legal proceedings by or against the Bank of it s officer or otherwise concerning the affairs of the b ank.
469 Toincur expenditure within sanc tioned budget.
460 Toarrange to certify copies of entries i n the Books in accordance with the Act and the Rules.
4611 Toincur and keep insurred, allor an y of the buildings, goods or other property or any securities of the Bank. either separately or jointly for such period as may be desired necessary and to sell, assign, surrender or disc ontinue any policies of insura nce effected in prusuance of this power.
ers and Non- 4612 To arrange to receive deposits from memb !
odies, public members, includ ing other banks , local b undertakings and oth er institutions.
ame of the gank with 4613 To arrange to open accounts in the n Banks, State pank© Reserve bank, NABARD, other State Coop- India or its subsidiaries and scheduled banks.
4614 7o arrange, to keep deposits with other banks.
.
; celf 4615 To arrange to receive money due to t he gank and 8V e thereof, 32 et (& scanned with OKEN Scanner T 1616 Toarrangeto receive for safe custody securities and articles.
4617
146.18 To arrange to pay money due from the Bank.
Toarrange to make, draw, accept, endorse and execute cheques, idemnity bonds, bills, promissory notes, dividend-warrants, cash order, payments order, telegraphic and mail transfer, fixed deposits receipts drafts, hundies, warehouse receipts, railway receipts and other negotiable or non-negotiable instruments for and on behalf of the Bank.
4619 To advance loans to nominal members.
4620 To advance loans to staff members in accordance with rules framed by the Board and approved by the Registrar.
4621 To arrange to invest surplus funds and to discharge, buy, sell and collect interest on governement promissory notes and securities on behalf of the Bank.
46.22 Toinvest the funds of the Bank in accordance with the Act, the Rules and the Bye-laws.
46.23 To conduct the business of the bank in general and to perform all duties entrusted to him by the Board and Sub-Committees constituted under the Bye-laws.
4624 To delegate any of his powers to any Officer/officers of the Bank acting singly or jointly from time to time subject to the ultimate control and authority being retained by him or withdraw all or any of the powers and duties so delegated. All the employees of the Bank shall work under administrative control of the Managing Director and all powers exercised by them shall deem to have been vested in them. He shall administer the affairs of the Bank.
47. Loans 471 The funds of the Bank shall primarily be utilised for the purpose of granting loans and cash credit to Central Coop.
Banks and Cooperative Societies, which are members of the 33 P ] (& scanned with OKEN Scanner gank. Bank shall also e xtend overdraft facilit ies to Centrg Cooperative Bank s.
47.2 Loans may also be granted to depositors against the security of their deposits in t he Bank.
473 Noloan shall be advanced by the bank to a Cooperative Society other than a Central Cooperative Bank of oth er memberg Cooperative Society. Provided that loan s hall be advanced to nominal members by the Bank accord ing to the rules framed in this regard with the approval of the Registra r. Provided further that the Bank may advance loa ns to another State Coop. Bank, other institutions under consortium arrangements, with prior approval of the Registrar.
474 Loans shall be granted only for a pe riod for which reimbursement is available or otherwise f or the period which stands approved by the Registrar.
475 Nomember cooperative society shall b e permitted to borrow an amount exceeding the limit fixed in relation to paid-up share capital held by such borrowing c ooperative society.
Provided that this condition may be relaxe d with the approval of the Registrar.
:
48. INSPECTIONS The bank shall have the right to ins pect the record of the member cooperative societies and the record of cooperative societies affiliated with the mem ber cooperative societies.
The Bank shall have power to call for from member cooperative societies such stateme nts and returns as it may deem necessary.
49. ANNUALSTATEMENTS.
The Bank shall prepare and submit statements and ’ewms\;:
such form as may be prescribed by the Registra’ Reser Bank and NABARD from time to time.
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50. PROFITS.
The net. profits as per audited balance sheet shall be appropriated in the following manner :-
50.1 At Iedast 25 percent of the net profits shall be carried to Reserve Fund.
50.2 At I_east 15 percent of the profit shall be carried towards agriculture credit stabilisation Fund.
50.3 Cooperative Education and Training Fund in accordance with the instructions of the Registrar from time to time.
504 Dividend not exceeding the limit prescribed in the Act and Rules of paid up value of shares may be paid to the share holders in proportion to the period during which the share capital was so held by them during the year.
50.5 The balance may be utilised for one or more of the following purposes :- i) Bad & Doubtful Debt. fund.
ii) Building Fund.
iii) Investment Depreciation Fund.
iv) Dividend equilisation Fund.
v) Common Good Fund.
vi) Share Transfer Fund.
vii) Central Cooperative Bank and PACS Development Fund.
viii) Employees Development Fund.
ix) Any other fund that may be considered necessary.
The balance if any, shall be carried forward to the profits of the next year.
50.6 The distribution of net profits shall be decided upon by the General Body on the recommendation of the Board.
5L RESERVE FUND.
The reserve Fund shall be invisible and shall belong to the 35 (& scanned with OKEN Scanner Bankas a whole. No member canclaima shareinit. It shall be invested in the manner laid down in the Act/Rules or as directed by the Registrar and shall not be drawn upon except with the prior approval of the Registrar.
52. DISPUTE.
All disputes relating to the members of the Bank shall be disposed off in the manner provided under Section 55 of the Act and the Rules framed thereunder or Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 or any other law framed by the Central/State Government.
53. MISCELLANEOUS
53.1 Noactor proceedings of the Board of any of its Sub-Committee shall be invalid merely on the ground of any defect in the constitution of the Board of any of the Sub Committee as the case may be.
* 53.2 No member of the Board shall be present at a meeting when any matter in which he is personally interested is being discussed, nor shall be vote thereon.
53.3 Noamendmentin the Bye-laws shall be made so in accordance with the Act and Rules framed thereunder.
534 The Bank shall have acommon seal. The documents on which common seal is affixed shall be signed by the Managing Director or any other officer authorised by the competent authority in this behalf.
53.5 The Bank shall pay such audit fee as may be assessed from time to time by the authority competent to do so.
53.6 The Bank shall be competent to incur expenditure on such measures as are conducive to spreading of Cooperative Education and Training. For this purpose the Bank shall contribute 36 (& scanned with OKEN Scanner tothe Plfnjab Cooperative Union every year such amount as may be s?nctloned by the Board su bject to the direction issued by the Registrar in this behalf from time to time.
53.7 Theservice of the members of the Board of the Bank shall be honorary, however, Chairman may be paid an honorarium as may be fixed by the Registrar from time to time.
53.8 Copies of the bye-laws and the balance sheet shall be supplied free of cost to all the members on demand.
53.9 Inthe conduct of the affairs the Board and the officer of the Bank shall exercise prudence and deligence of ordinary men of business and shall be responsible for any loss sustained by the Bank through acts of omission and commission contrary to the Act, the Rules and Bye-laws.
53.10 Should any doubt arise in the interpretation of these byelaws, the matter shall be referred to the Registrar whose decision shall be final.
53.11 The adoptions of these bye-laws will not effect any action taken or pending under the provisions of old bye-laws.
It is certified that these are the Model Bye-laws and have been adopted in the General meeting held on 21.5.90. We have been authorised to sign the three copies of the model Bye-laws. Itis further certified that there is nothing contrary to the provisions of Act, Rule and all the three copies tally with each other.
For and on behalf of the Punjab State Cooperative Bank Limited Sd/- Sd/— Asstt. General Manager Dy. General Manager Registered this 29th Day of June 1990.
Sd/- Assistant Registrar Cooperative Societies Ropar Exercising the Power of Registrar Cooperative Societies Pb.
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4. THERESHALLBE A GOVERNING BOARD TO RUN THE AFFAIRS OF Tyg pUNJAB INSTITUTE OF COOPERATIVE TRAINING HEREINAFTER CALLED “PICT” WITHTHE FOLLOWING AS MEMBERS :- 541 The Registrar, Cooperative Societies, Punjab Chandigarh o his nominee.
542 The Chairman, Punjab State Coop. Bank Ltd.,
(i) The Managing Director or his nominee, Punjab State Coop. bank Ltd.
iii) TheManaging Director or his nominee the Punjab State Cooperative Supply and Marketing Federation Ltd.
iv) The Managing Director or his nominee, The Punjab State Coop. Agri. Development Bank Ltd.
v) The Managing Director or his nominee, Punjab State Federation of Coop. House Building Societies Ltd.
vi) The Managing Director or his nominee, The Punjab State Coop. Milk Producers Federation Ltd.
vii) The Managing Director or his nominee, The Punjab State Cooperative Spinning Mills Federation Ltd.
viii) The Managing Director or his nominee, Punjab State Federation of Coop. Sugar Mills Ltd.
ix) Any other Apex Cooperative institution which may opt to contribute towards the Budget of the PICT.
543 The Director, Punjab Institute of Cooperative Training shall be member of Governing Board.
f 544 The Establishment Officer of the PICT will be the Secreta® the Governing Board.
ill be 545 The President of the Punjab State Cooperative Bank W the Chairman of the Governing Board.
38 (& scanned with OKEN Scanner POWERS OF THE GOVERNING BOARD 546 The Governing Board shall have the following Powers and duties :- i) To manage frame rules, guide and supervise the affairs of PICT.
i) To decide to train the employee of various Coop.
Institutions on receipt of contribution to be determined from time to time by the Registrar Coop. Societies, Punjab.
iii) To include new members of the Governing Board of the PICT.
iv) Toapprove Budget of the PICT.
v) To Institute, conduct, defend or compromise any legal proceedings by or against the Punjab Institute of Cooperative Training and delegate powers in this regard to any official/officials of the PICT.
vi) To control the finance of the PICT and to make modification under different heads and subheads within overall annual buget provisions.
vii) To open the account of PICT in the Punjab State Cooperative Bank Ltd. and to delegate powers for its operation to any official/officials of the PICT.
viii) To incur expenditure to any extent within overall annual budget provisions and to delegate Power in this respect to any official/officials of the PICT.
ix) To make necessary arrangements (i.e. hiring of accomodation, purchasing of furniture and other equipments) for the running of the training institute and to delegate powers in this respect to any official/ officials of the PICT.
39 (& scanned with OKEN Scanner x) Toappoint take in service, re-instate, Punish remove, dismiss or otherwise deal witp the yj principal, Lecturers and other staff of the PICT. «© xi) Toapprove the appointment of Directors ang taken on deputation from the Cooperative Deptt iy other apex institutions.
» SUspeng, Other staff xii) To exercise administrative control over the staff working in the PICT to delegate powers in this respect to the Directors of the PICT.
xiii) To delegate any of its powers to the Director of the PICT subject to the rules as may be framed by it.
xiv) To exercise all other powers incidental to the administration of the PICT.
MEETING OF GOVERNING BOARD.
54.7 The Governing Board shall meet at least once in a quarter or as often-may be necessary. At least 7 days notice of the meeting specifying date, time, place and agenda shall be given to the members before a meeting is held. One third of the members of the Governing Board shall from the quorum forth meeting. Ameeting of the Governing Board shall be convened by the Secretary under the directions of the Director, PICT.
REGISTERED THIS 26TH DAYS OF JULY, 1991.
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