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FORMATION OF CO-OPERATIVE SOCIETY IN PAKISTAN

Q. How a Co-operative Society formed in Pakistan.

Ans.    The co-operative Societies, whose main object is the promotion of economic interests of its members, are established in Pakistan under the Co-operative Societies Act, 1925.
Application for Registration: Following are the main requirements for the Application for Registration:
1.      A society is registered if there are at least 10 members above the age of 18 years
2.      The application shall be accompanied کے ساتھ by a copy of the proposed by-laws (قانون ، اصول) of the society which should not be contrary (ضد،  کےخلاف) to the Act.

Rights and Liabilities of members:

1.      A member cannot exercise his right unless he has paid all the dues to the society prescribed by the rules or by-laws.
2.      If the liability of a member in a registered society is limited by shares, each member shall have as many votes as may be prescribed by the by-laws.
3.      On the death of a member, a registered society may transfer the shares of interest of the deceased (مرا ہوا شخص، متوفی) member to the person nominated in the application form.

Property and Funds of a Registered Society:

1.      A registered society shall not make a loan to any person other than a member.
2.      A society shall receive deposits and loans from persons who are not members only to such an extent حد as prescribed by the rules or by-laws.
3.      A society many invest or deposit its funds in the government saving bank, in the shares or on the securities of any registered society.
4.      The society shall keep at least one fourth of the net profits in the reserve fund, the remainder of the profits may be distributed as prescribed by the rules or by-laws of the society.

Dissolution of Society:

1.      The society can be dissolved by the Registrar on receipt of application made by three-fourths of the members.
2.      An enquiry ha been held under Section 35 of the Act.

3.      The number of members has been reduced to less than ten. A registrar will appoint a liquidator (تحلیل کرنے والا، ختم کرنے والا) to windup the affairs of the society as prescribed by the Cooperative Act, 1925.



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