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The Punjab State Cooperative Bank Ltd;

unknown · 1961 · Punjab

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Parent: The punjab co-operative societies act 1961 (80818c3b2f7b6af570ae16ef340b7053b6bc2658)

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## Page 1 BYE-LAWS The Punjab State Cooperative Bank Ltd; Chandigarh ## Page 2 BYE-LAWS OF THE PUNJAB STATE COOPERATIVE BANK LIMITED CHANDIGARH CONTENTS Page No. Sr. No. Name, Address and Area of operation 1. 1 Definitions. 2. 2 Objectives 3. 3 Objects 4. 2 Banking Business 3 5. Authorised share capital 6 6. Liability of members. 7. 6 Raising of money by deposits, debentures, loans 8. 7 subsidies etc. Membership 7 9. Admission of member and allotment of shares 7 10. Bank's lien on shares 11. 9 Bank not bound to any but a registered member 9 12. Removal from membership 13. 10 Termination of membership 14. 11 Share certificate by whom to be signed 11 15. Approval and replacement of certificate 11 16. Transfer of shares. 17. 11 18. Minimum shares 12 Maximum Credit limit 12 19. General Body 20. 12 The General Body Meeting where to be held 12 21. Special General Body Meetings 12 22. Requisition to State the object of the meeting 22.3 13 On receipt of requisition Board to convene meeting 22.4 13 Notice of General Body Meeting 13 22.5 Notice by whom to be signed 22.6 13 Business to be transacted in meeting 22.7 13 Quorum for General Body Meeting 22.8 13 If the quorum not present, meeting to be 14 22.9 dissolved or adjourned Chairman of meeting 22.10 14 Resolution how to be decided 23. 14 General Body Supreme 24. 14 Business of annual general Body meeting 14 25. Removal of elected member 15 26. Number of votes to which member is entitled 27. 15 28. Minutes 15 Board of Directors 15 29. Election of the Board 16 30. Vacancy, if any occurs 30.2 17 Disqualification of Directors 17 31. Meeting of Directors 32. 18 Requisition of meeting 18 33. Election of office bearers 34. 19 Powers of Chairman 35. 19 ## Page 3 Payment of allowance to Directors for attending meeting 36. 20 Powers of

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22 · 10 The Chairman or in his absence the Vice-Chairman shall preside over all General Body Meetings. In
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31 · 10 Subsequent to this election, a person related to him as defined in rules 2(k)
31 · 11 He is a representative of a cooperative society which is a defaulter in respect of any amount to the
31 · 12 He incurs any other disqualification laid down in the Act and Rules.
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37 · 10 To fix T. A./sitting fee payable to directors subject to the approval of the Registrar.
37 · 11 To frame rules with the approval of the Registrar for providing facilities and rendering service to
37 · 12 To frame subsidiary rules for regulating business and working of the Bank, consistent with the
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 extension counters with the approval of the Registrar.
37 · 16 To consider appeal of an employee against the order of the Administrative Committee/Managing
37 · 17 To consider and decide any issue where the difference of opinion exists between the Government
37 · 18 To delegate any of its powers to the Executive Committee, Administrative Committee any other
37 · 19 To act as agents for the Government or local authorities or an institution established under an Act
37 · 20 To maintain a pool of officers for loaning to member cooperative societies including Central
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
37 · 23 To facilitate the annual audit and to prepare and submit to General Body the annual programme of
37 · 24 To invest in the shares of any cooperative society or with the prior approval of the Registrar in any
37 · 25 To do all or any act in conformity with and in support of the objectives of the Bank.
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40 · 10 The make advance or lend money to co-operative societies at such rates of interest as the Board
40 · 11 To issue letter of credit and to guarantee on behalf of the Cooperative Societies, payment of money
40 · 12 To open accounts with other banks.
40 · 13 To ensure compliance of suggestions and instructions contained in the inspection or audit notes
40 · 14 To exercise powers as may be delegated by the Board.
40 · 15 To delegate any of its powers to any officer/officers of the Bank acting singly or jointly from time
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46 · 10 To arrange to certify copies of entries in the Books in accordance with the Act and the Rules.
46 · 11 To incur and keep insured all or any of the buildings, goods or other property or any securities of
46 · 12 To arrange to receive deposits from members and Non-members, including other banks, local
46 · 13 To arrange to open accounts in the name of the Bank with Reserve bank, NABARD, other State
46 · 14 To arrange, to keep deposits with other banks.
46 · 15 To arrange to receive money due to the Bank and give receipt thereof.
46 · 16 To arrange to receive for safe custody securities and articles.
46 · 17 To arrange to pay money due from the Bank.
46 · 18 To arrange to make, draw, accept, endorse and execute cheques, indemnity bonds, bills, promissory
46 · 19 To advance loans to nominal members.
46 · 20 To advance loans to staff members in accordance with rules framed by the Board and approved by
46 · 21 To arrange to invest surplus funds and to discharge, buy, sell and collect interest on government
46 · 22 To invest 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
46 · 24 To delegate any of his powers to any Officer/officers of the Bank acting singly or jointly from
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53 · 3 No amendment in the Bye-laws shall be made so in accordance with the Act and Rules framed
53 · 4 The Bank shall have a common seal. The documents on which common seal is affixed shall be
53 · 5 The Bank shall pay such audit fee as may be assessed from time to time by the authority
53 · 6 The Bank shall be competent to incur expenditure on such measures as are conducive to
53 · 7 The service of the members of the Board of the Bank shall be honorary, however, Chairman
53 · 8 Copies of the bye-laws and the balance sheet shall be supplied free of cost to all the members
53 · 9 In the conduct of the affairs the Board and the officer of the Bank shall exercise prudence and
53 · 10 Should any doubt arise in the interpretation of these bye-laws, the matter shall be referred to the
53 · 11 The adoptions of these bye-laws will not affect any action taken or pending under the provisions
54 · THERE SHALL BE A GOVERNING BOARD TO RUN THE AFFAIRS OF THE PUNJAB INSTITUTE
54 · 1 The Registrar, Cooperative Societies, Punjab Chandigarh or his nominee.
54 · 2 The Chairman, Punjab State Coop. Bank Ltd.,
54 · 3 The Director, Punjab Institute of Cooperative Training shall be member of Governing Board.
54 · 4 The Establishment Officer of the PICT will be the Secretary of the Governing Board.
54 · 5 The President of the Punjab State Cooperative Bank will be the Chairman of the Governing
54 · 6 The Governing Board shall have the following Powers and duties :-
54 · 7 The Governing Board shall meet at least once in a quarter or as often may be necessary. At