Section 15A in The Punjab Co-operative Societies Act, 1961
15A. [ Restrictions on individuals in becoming members of certain co-operative societies. [Inserted by Punjab Act 26 of 1969 Section 6.]
(1)No individual shall be admitted as member of a central or apex society unless such a society has been exempted by the Registrar in this behalf, by a general or special order.(2)The Central and apex societies having individuals as members on the date of commencement of the Punjab Co-operative Societies (Amendment) Act, 1969 shall retire the shares of such individuals within a period of three years of such commencement in the prescribed manner.Explanation - For the purpose of this Section, Section 26, Section 26-B and Section 84-A -(a)"primary society" means a co-operative society whose membership consists exclusively of individuals ;(b)"Central society" means a co-operative society whose membership includes primary societies ;(c)"apex society" means a co-operative society whose membership includes central societies.]
