State Act

The Punjab Self-Supporting Co-operative Societies Act, 2006

44. (1) Subject to the provisions of this Act, it shall be the primary duty of the Board to run the administration of a self-supporting co-operative society. (2) Without prejudice to the generality of the foregoing provisions, such power shall include the power to— (a) admit a member of a self-supporting co- operative society and to terminate his membership in accordance with the provisions of this Act ; (b) hold election of office bearers and to appoint and remove the Chief Executive ; (c) frame policies regarding— (i) organizing or providing of services to the members ; (ii) mode of custody and investment of funds ; (iii) manner of keeping accounts ; (iv) mobilisation, utilisation and investment of funds ; (v) monitoring and managing of information system ; (vi) providing for returns to be filed with the concerned authorities ; and (vii) such other matters, as may be considered necessary for the effective performance of the self-supporting co-operative society ; (d) consider the annual report, annual financial statements, annual plan and budget and place them before the general body for approval ; (e) consider audit and compliance reports of audit and place them before the general body for approval ; (f) review membership in other self-supporting co-operative societies, co-operative societies and other organizations ; and (g) take such other measures or do such other acts, as may be prescribed or required under this Act, or the bye-laws or as may be delegated by the general body.