a) “Board” means the Board of Directors of the State Bank.
b) “Managing Director” means the person appointed as such by the Government of Punjab.
c) Director means a member of the Board of Directors of the State Bank.
OBJECTS
5. The primary object of the State Bank shall be to provide facility of long term credit to its members but it will also cater to Short term & Medium term credit needs of its members.
6. In pursuance of the object stated in the preceding bye-laws, the State Bank may undertake one or more of the following activities.
i) to float debentures :
ii) to receive deposits and borrow money.
iii) to acquire such immovable property and construct such building as it may consider necessary for the proper functioning of the bank and welfare of employees.
iv) to do such things as are incidental to the above activities.
MEMBERSHIP
7. The Primary Cooperative Agricultural Development Banks, Punjab State Electricity Board, Punjab State Tubewells Corporation and Punjab Land Development & Reclamation Corporation shall be eligible for admission as member of the State Bank.
8. Notwithstanding the provision of any other bye law, the State Government may contribute to the share capital of the State Bank. The share capital so contributed shall be retired in such period and manner as may be determined by the State Government.
a) Any share capital, given by the Government to the Bank or any money given to the bank as Government loan, will be given by the government under all terms and conditions which are imposed/levied by the government from time to time. And bank will abide all terms and conditions for its return back and with regard to its profit and interest etc. The Bank will maintain a separate register in which the complete record regarding share announced by the government and the detail of loan received 02 from the bank, will be entered/recorded. Bank, with regard to allotted shares of government and for the purpose return back the loan taken from the government, will constitute a fund with name as “Capital Redemption Fund and Debenture Redemption Fund.”
9. Application for the membership and allotment of share shall be addressed to the Managing Director of the State Bank in a prescribed form. Every such application shall be disposed of by the Board of Directors of the State Bank. If the Board of Directors refuses to admit a member, it shall record its reasons for such refusal and communicate them to the member concerned. Any member who has been refused admission shall have a right to appeal to the Registrar within sixty days of the date of communication of refusal. The decision of Registrar on such appeal shall be final.