- What are the principles of Co-operatives?
- What is a Co-operative Society?
- How a new Cooperative Society can be registered with the department?
- How a Cooperative Society is liquidated?
- How disputes are settled between a member and the Society and between two societies?
- How working of Managing Committee of a Cooperative Society can be checked by any member?
- How profit/savings of a Cooperative Society can be distributed amongst the members?
- Is there any legal remedy available in Cooperative Laws to probe into the working of Managing Committee of the Cooperative Society?
- Who is defaulter?
- What is markup rate for loans extended to Agricultural, Credit and Thrift Societies and what is the period of return?
- How the Agriculture, Credit and Thrift Society works
- What is MCL?
| What are the principles of Cooperatives? | Top |
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The Cooperative principles are the guidelines by which the department puts their values into practice.
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| What is a cooperative society? | Top |
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Cooperative Society means a society / organization registered under the Cooperative Societies Act, 1925on the basis of equality for the promotion of their economic interest. |
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| How a new Cooperative Society can be registered with the department? | Top |
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The procedure of registration of Cooperative Society has been given in Section 9 and 10 of Cooperative Societies Act, 1925. Presently no society is being registered due to ban imposed by the Chief Minister Punjab in 1997. |
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| How a Cooperative Society is liquidated? | Top |
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The Cooperative Society is liquidated keeping in view the recommendations of enquiry officer under Section 43, inspecting officer under Section 44 or 44-A and application made by ¾ of total members, and the society can not commenced work if share money decreases from PKR 500. |
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| How disputes are settled between a member and the Society and between two societies? | Top |
| All disputes are settled under Section 54 of Cooperative Societies Act, 1925 by the Registrar or nominee. | |
| How working of Managing Committee of a Cooperative Society can be checked by any member? | Top |
| The working of the Society can be checked by any member under Rule 16 of Cooperative Societies Rules, 1927. | |
| How profit/savings of a Cooperative Society can be distributed amongst the members? | Top |
| The profit/savings of a society is distributed under Section 40 of Cooperative Societies Act, 1925. | |
| Is there any legal remedy available in Cooperative Laws to probe into the working of Managing Committee of the Cooperative Society? | Top |
| Yes, it is available under Section 43, 22 & 22-A of Cooperative Societies Act, 1925. | |
| Who is defaulter? | Top |
| Any member who fails to pay off his liabilities as specified in the bye-laws or as decided by the Managing Committee of the Society is a defaulter. | |
| What is markup rate for loans extended to Agriculture, Credit and Thrift societies and what is the period of return? | Top |
| Presently mark up rate is 9%. It is normally due after harvesting of crop in case of short term loan, 12% in case of medium term loan which is returnable within 10 years on the basis of half yearly installments. | |
| How the Agriculture, Credit and Thrift Society works? | Top |
| It works as provided in the bye-laws and elected Managing Committee runs the affairs of the society. | |
| What is MCL? | Top |
| MCL is Maximum Credit Limit which is fixed under Rule 7 & 8 of Cooperative Societies Rules, 1927 in case of limited and unlimited societies respectively, keeping in view the assets/income of members. Every society is required to fix its MCL in its general meeting. The limit so fixed is subject to the approval of Registrar. |