Section 27(2) in The Punjab Co-operative Societies Rules, 1963
(2)Where the Registrar is of the opinion that it is necessary or expedient so to do, he may by order, for reasons to be recorded in writing relax the provisions of this rule with respect to any co-operative society or class of co-operative societies to such extent as he may consider proper.[29. Restrictions on transactions of officers and past officers with the co-operative society. (Section 85 (2) (2) (x) and (xxxviii)] [Rule substituted by Punjab Governemnt Gazettee Notification dated October, 14, 1969 (Section 7)] - (1) Without prejudice to the bye-laws, no officer of a co-operative society shall, without the prior permission in writing of the Registrar, have an interest directly or indirectly, otherwise than as such officer-(a)in any contract made with the society; or(b)in any property sold or purchased or leased by the Co-operative Society; or(c)in any other transaction of the Co-operative Society, except as investment made or as loan taken from the Co-operative Society or the provision of residential accommodation by the Co-operative Society.
