EXTRAORDINARY ISSUE REGISTERED No, 1.75 AZ 2 The Punjab Gazette PUBLISHED RY AUTHORITY LAHORE THURSDAY JUNE 4, 1992 PROVINCIAL ASSEMBLY OF THE PUNJAB NOTIFICATION The 4th Juné, 1992. No.Legis-2(9)/91/32, The Cooperative Societies and Cooperative Banks (Repayment of Loans) (Amendment) Bill, 1991, having been passed by the Provincial Assembly of the Punjab on the 27th day of May, 1992 and assented to by the Governor of the Punjab fon the 2nd day of June, 1992, ishereby published as an Act of the Provincial Assembly of the Punjab. ‘THE COOPERATIVE SOCIETIES AND COOPERATIVE BANKS (REPAYMENT OF LOANS) (AMENDMENT) ACT, 1992. ‘ACTIX OF 1992 (First published, after having received’ the assent of the Governor of the Punjab, in the Gazette of the Punjab (Extraordinary), dated the 4ch June, 1992). AN act farther to amend the Punjab Co-operative Societies and Co-operative Banks (Repayment of Loans) Ordinance, 1966 (XIV of 196). PREAMBLE.— Whereas it is expedient further to amend the Punjab Co-operative Societies and Co-operative Banks (Repayment of Loans) Ordinance, 1966 (XIV of. 1966) in the manner hereinafter appearing; It is hereby enacted as follows:~ SHORT TITLE AND COMMENCEMENT.— (1) This “Act may be called ‘the Punjab Co-operative Societies and Co-operative Banks (Repayment of Loans) (Amendment) Act, 1992. |)" Te shall’ cone into force at once. 2. AMENDMENT OF SECTION 2 OF W-P. ORDINANCE XIV OF 1966.— In the Punjab Co-operative Societies and Co-operative Banks (Repayment of Loans) Ordinance, 1966" (W.P.Ordinance .XIV of 1966), ‘hereinafter referred to as “the said Ordinance", in section 2, in clause (£) — ~(4) for the words "but not a Cooperative Society", the words "but not fan Agricultural Cooperative Society, Dairy Farming Cooperative Society or Poultry Farming Cooperative Society having in each case a. working capital not exceeding five hundred thousand rupees" shall be subtituted; and (44) im the Explanation, ‘for the words "thirty thousand". wherever occurring, the words "five hundred thousand" shall be substituted. 3. AMENDMENT OF SECTION 3 OF W.P. ORDINANCE XIV OF 1966.—In the said Ordinance, for section 3, the Following shall be substituted: "3, Repayment of Loans.— Notwithstanding anything contained in any other lav for the time. being in force or in any agreement or other instrument, avard or decree of any court, every loan outstanding, whether barred by limitation or not, in whole or in part end every Joan, any instalment whereof is outstanding shall, unless repaid earlier be repaid and secured in the manner provided in seetion = ‘4. AMENDMENT OF _SECTTON 4 OF W.P. ORDINANCE XIV OF 1966.~ In the said Ordinance, “in section 4, for the words "thirty thoysand” wherever occurring, the words "five-hundred thousand” shall be substituted. 5, AMENDMENT OF SECTION 5 OF W.P. ORDINANCE XIV OF 1966.—In the said “~~Ordinance, in Section 5, in sub-section (1), efter the word'and figure "section 4", the words "or on his own information" shall be inserted. 6. AMENDMENT_OF SECTION 7 OF W.P. ORDINANCE XIV OF 1966, Ordinance, for section 7, the following shall be subetituted:— "7. Securing and Repayment of Loans.— Within thirty days of the service of the notice under section 5, in a case where the borrower. does not deny the loan or the liability arising therefrom, and in other cases, within thirty days of the decision of the Registrar or the Assistant Registrar, as the case may be, under section 6, the borrower and his surety shall — In the said (a) secure the loan or the liability arising therefrom by mortgage, pledge, hypothecation or assignment of such property of the borrower or his surety or of both as, in the case of a loan not exceeding five hundred thousand rupees, the Assistant Registrars and in the case of a loan exceeding five hundred thousand rupees, the Registrar, may think adequate; and (b) repay the” Ioan after thirty days of the service of notice under section 5, when he does. not deny the loan or the Liability arising therefrom, and in any other case, after thirty days of. the decision of the Registrar or the Assistant Registrar, as the -case may be, in eight months in four equal instalments, the first instalment being die on the day imuediately succeeiling the one month period of notice or, as the case may be, the decision of the Registrar or the Assistant Registrar, specified above. 7, AMENDMENT OF SECTION 8-A OF W.P. ORDINANCE XIV OF 1966.~ In the said Ordinance, in section 8-A, dn sub-section (1), in clause (b), for the words “thirty thousand" wherever occurring, the words "five hundred thousand" shall be substituted.8. AMENDMENT OF SECTION 8-B OF W.P. ORDINANCE XIV OF 1966.— In the said Ordinance, in section , for the words “thirty thousand” wherever occurring, the words "five hundred thousand” shall be substituted. 9. REPEAL.— The. Punjab Co-operative Societies and Co-operative Banks (Repayment of Loans) (Amendnent) Ordinance, 1992 (XXIV of 1992) is hereby repealed. By order of the Speaker, Provincial Assembly of the Punjab CH HABIB ULLAH Secretary, Provincial Assembly of the Punjab