Section 37(3) in The Punjab Co-operative Societies Rules, 1963
(3)The provisions of clause (c) of sub-clause (1) shall not apply(a)to immovable property purchased-(i)by a Co-operative Society at a sale held in execution of a decree obtained by it, for the recovery of any sum due to it; or(ii)by a financing bank at a sale held in execution of a decree obtained by a Co-operative Society financed by it, for the recovery of any sum due to such Co-operative Society or at a sale brought about by the liquidator of such Co-operative Society; or(b)to the purchase or lease for lands or purchase construction or renewal of buildings by a Co-operative Society whose objects according to its bye-laws include such purchase, lease, construction or renewal.
