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  "title": "COOPERATIVE SOCIETIES (REPAYMENT OF LOANS) ORDINANCE, 1960",
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  "text": "THE COOPERATIVE SOCIETIES (REPAYMENT OF LOANS) \r\nORDINANCE, 1960 \r\n(XXXIV of 1960) \r\nCONTENTS \r\n1. Short title, extent and commencement. \r\n2. Definitions. \r\n3. Repayment of Loans, etc. \r\n4. Determination of liability to repay, etc. \r\n5. Power of Registrar when making inquiry. \r\n6. Power to make Rules. \r\n7. Penalty. \r\n8. Procedure. \r\n \r\n \r\n \r\nTEXT \r\n1\r\nTHE COOPERATIVE SOCIETIES (REPAYMENT OF LOANS) ORDINANCE, \r\n1960 \r\n(XXXIV of 1960) \r\n[15 August 1960] \r\nAn \r\nOrdinance \r\nto provide for the repayment of certain unsecured loans or loans insufficiently \r\nsecured. \r\n WHEREAS it is expedient to provide for the repayment of such loans taken \r\nfrom Cooperative Banks and other Cooperative Societies as have not been secured \r\nor are insufficiently secured; \r\n NOW, THEREFORE, in pursuance of the Proclamation of the seventh day of \r\nOctober, 1958, and in exercise of all powers enabling him in that behalf, the \r\nPresident is pleased to make and promulgate the following Ordinance:– \r\n1. Short title, extent and commencement .– (1) This Ordinance may be called \r\nthe Cooperative Societies (Repayment of Loans) Ordinance, 1960. \r\n (2) It extends to the whole of Pakistan. \r\n (3) It shall come into force at once. \r\n2. Definitions.– In this Ordinance, unless there is anything repugnant in the \r\nsubject or context– \r\n(a) “Cooperative Bank” means a Cooperative Socie ty established for \r\ncarrying on banking business and having as its principal object the \r\nfinancing of other Cooperative Societies, and includes cooperative \r\nsocieties known as Banking Unions and Zamindari Banks; \r\n(b) “Cooperative Society” means a society which , having as its object the \r\npromotion of the common interests of its members in accordance with \r\ncooperative principles or having been established with the object of \r\nfacilitating the operation of such a society, is registered under the \r\nCooperative Societies Act, 1912 (II of 1912), or under any other law for \r\nthe time being in force relating to the registration of cooperative \r\nsocieties; \r\n(c) “loan” means loan, whether of money or in kind, which has not been \r\nsecured or is insufficiently secured and taken– \r\n                                                           \r\n1This Ordinance was promulgated by  the President of Pakistan on August 1, 1960 , published in the Gazette of Pakistan \r\n(Extraordinary), dated August 15, 1960, pp. 1375-1378; saved and given permanent effect by Article 225 of the Constitution of \r\nthe Islamic Republic of Pakistan (1962). It has  been adopted by the Punjab Laws (Adaptation) Order, 1974 (Pb. A.  O. 1 of \r\n1974) (w.e.f. 14.8.1973) , published in the Punjab Gazette (Extraordinary), dated November 20, 1974, pp. 1425-A-1425-PP, \r\nArticle 2 read with Schedule, Part I, Serial No. 25. \r\n(i) from a cooperative society, not being a Cooperative Bank, by \r\nany person other than a member of such society, or \r\n(ii) from a Cooperative Bank by any person, including any member \r\nthereof, but not a cooperative society, and includes any \r\ntransaction which, in the opinion of the Registrar, is in substance \r\na loan as aforesaid; \r\nExplanation.– A loan is “insufficiently secured” if it is not secured by mortgage, \r\npledge, hypothecation or assignment of such property of the borrower or of his \r\nsurety or of both as, in the c ase of a loan not exceeding thirty thousand rupees, the \r\ncooperative society concerned, and, in the case of a loan exceeding thirty thousand \r\nrupees, the Registrar, may think adequate. \r\n (d) “Registrar” means:– \r\n(i) \r\n1\r\n[ * * * * * * * *   ] \r\n(ii) \r\n2\r\n[ * * * * * * * *   ] \r\n(iii) in relation to a cooperative society in \r\n3\r\n[the Punjab], the Registrar \r\nof Cooperative Societies, \r\n4\r\n[Punjab]. \r\n3. Repayment of Loans, etc.– Notwithstanding anything contained in any other \r\nlaw for the time being in force, or in any agreement or othe r instrument, every loan \r\nrepayable on any day earlier than one year preceding the commencement of this \r\nOrdinance and every loan any installment whereof was payable as aforesaid and \r\nhas not been so paid, shall unless repaid earlier, be repaid and secured in  the \r\nfollowing manner, that is to say– \r\n(a) not less than twenty per cent of the loan repayable as aforesaid shall \r\nbe paid within six months from the commencement of this Ordinance; \r\nand \r\n(b) the balance of the loan after payment as aforesaid shall, within tw o \r\nmonths from the expiry of the period mentioned in clause (a), be \r\nsecured by mortgage, pledge, hypothecation or assignment of such \r\nproperty of the borrower or of his surety or of both as, in the case of a \r\nloan not exceeding thirty thousand rupees, the coo perative society \r\nconcerned, and, in the case of a loan exceeding thirty thousand \r\nrupees, the Registrar, may think adequate, and shall be repaid in such \r\ninstallments within a period not exceeding two years from the \r\ncommencement of this Ordinance as the coop erative society or the \r\nRegistrar, as the case may be, directs: \r\n Provided that the Registrar may, if he considers necessary, in cases in which \r\nnot less than fifty per cent of the loan has been repaid within the aforesaid period of \r\ntwo years, extend the peri od by a further period, and such further period shall not \r\nexceed six months. \r\n                                                           \r\n1Deleted by the Punjab Laws ( Adaptation) Order, 1974 ( 1 of 1974)  (w.e.f. 14.8.1973) , published in the Punjab Gazette \r\n(Extraordinary), dated November 20, 1974, pp. 1425-A-1425-PP, Article 2 read with Schedule, Part I, Serial No. 25.  \r\n2Ibid. \r\n3Substituted for the words “West Pakistan” by the Order ibid. \r\n4Ibid. \r\n4. Determination of liability to repay, etc.– (1) Every cooperative society shall, \r\nwithin thirty days of the commencement of this Ordinance, or within such further \r\nperiod as the Registrar may, in special circumstances, allow, furnish to the Registrar \r\nfull information in respect of all cases of loans required to be repaid or secured under \r\nsection 3.  \r\n (2) On receipt of information under sub -section (1) in respect of any loan, \r\nthe Registrar shall cause notice to be issued to the borrower requiring him to repay \r\nand secure the loan in accordance with the provisions of section 3. \r\n (3) Where any borrower to whom notice under sub -section (2) is issued \r\ndoes not admit the loan, or any liabil ity arising therefrom, he shall, within thirty days \r\nof the receipt of notice, or within such further period as the Registrar may, in special \r\ncircumstances, allow, submit, either personally or by registered post \r\n(acknowledgment due), a written statement to that effect to the Registrar, who \r\nthereupon shall cause notice to be issued to the cooperative society concerned, and \r\nshall, after making such inquiry as he considers necessary, and giving the parties \r\nreasonable opportunity of being heard, decide the matter. \r\n (4) The decision of the Registrar under sub -section (3) shall be final, and \r\nshall not be called in question in any court. \r\n5. Power of Registrar when making inquiry .– The Registrar shall, for the \r\npurpose of making any inquiry under this Ordinance, have the same powers as are \r\nvested in a civil court under the Code of Civil Procedure, 1908  (Act V of 1908), when \r\ntrying a suit, in respect of the following matters, namely:– \r\n(a) summoning and enforcing the attendance of any person and examining \r\nhim on oath; \r\n(b) requiring the discovery or production of any document; \r\n(c) requisitioning any public record from any court or office; \r\n(d) issuing commissions for the examination of witnesses; \r\n(e) appointing guardians or next friends of persons who are minors or of \r\nunsound mind; \r\n(f) adding legal representatives of deceased borrowers or sureties; \r\n(g) substituting the names of rightful parties; \r\n(h) consolidation of cases; and \r\n(i) any other matter which may be prescribed by rules made under section \r\n6. \r\n6. Power to make Rules .– The \r\n1\r\n[Provincial Government] may, by notification in \r\nthe official Gazette, make rules to carry out the purposes of this Ordinance. \r\n7. Penalty.– Whoever contravenes any of the provisions of this Ordinance or the \r\nrules made thereunder shall be punishable w ith imprisonment for a term which may \r\nextend to two years, or with fine, or with both. \r\n                                                           \r\n1Substituted for the words “Central Government” by the Central Adaptation of Laws Order, 1964  (1 of 1964), published in the \r\nGazette of Pakistan (Extraordinary), dated May 28, 1964, pp. 251c-251am, Article 2(i) read with Schedule. \r\n8. Procedure.– No court shall take cognizance of any case under this \r\nOrdinance except on a complaint in writing made by the Registrar.",
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