Section 26(2) in The Punjab Co-operative Societies Act, 1961
(2)Notwithstanding anything contained in sub-section (1) [but subject to a ceiling of twenty one members of the committee] [Words Added by Punjab Act No. 14 of 2014.], -(a)[ Where the Government have subscribed to the share capital of a co-operative society or has guaranteed the repayment of the principal of and payment of interest on debentures issued for loans raised by a co-operative society, the Government or any person authorised by it in this behalf, shall have the right to nominate on the committee such number of persons, not exceeding three or one- third of the total number of members thereof, whichever is less, as the Government may determine : [Substituted for clause (a) by Punjab Act 26 of 1969 Section 9.]Provided that where the Government have subscribed to the share capital of a co-operative society to the extent of twenty lacs of rupees or more, the Government may, notwithstanding anything contained in the bye-laws of the society, -(a)appoint one of the members nominated in the aforesaid manner as Chairman of the committee of such society ; or(b)nominate another member in addition to those nominated in the aforesaid manner and appoint him as Managing Director :Provided further that no person shall be appointed to act as Managing Director unless he is a member of the Indian Administrative Service, Punjab Civil Service (Executive Branch) or a Deputy Registrar, a Joint Registrar or an Additional Registrar, Co-operative Societies;][Provided further that the condition of share capital of twenty lacs of rupees or more mentioned in the first proviso to clause (a) of subsection (2) of section 26 of the Punjab Co-operative Societies Act, 1961, shall not apply in the case of any Central Co-operative Bank, which has been provided finance by the Government, the Government of India, the National Bank for Agriculture and Rural Development or the Reserve Bank of India and the Government may appoint as Managing Director of such Bank, any person, who is a Member of the Indian Administrative Service, the Punjab Civil Service (Executive Branch), a Deputy Registrar, a Joint Registrar or an Additional Registrar of Co-operative Societies or is a professional having specialization in the field of banking and possessing the qualifications and experience specified by the Government in this behalf.] [Added by Punjab Act No. 1 of 2014.](b)Where the Industrial Finance Corporation, the State Finance Corporation or any other financing institution notified in this behalf by the Government has provided finance to a co-operative society, the Industrial Finance Corporation, State Finance Corporation or other financing institution, as the case may be, shall have the right to nominate one person on the committee.
