LAHORE      -           Provincial Minister for Law, Parliamentary Affairs and Social Welfare Raja Basharat chaired a meeting at Civil Secretariat nodded Several amendments in the Cooperatives Housing Societies Act, 1925.

According to the proposed amendments, it has been decided to decrease the scope of the Act to the province from the federal level. Penalty for violation of Cooperatives act would be increased from Rs. 50,000 to Rs. 1 million. The minimum amount of capital share of the cooperatives housing society to be increased from Rs 50,000 to Rs 2 lakh. If two or more co-operative housing societies were required to merge, a quorum of three-fourth of the members of the relevant societies would be necessary for a vote.

Earlier, there was a requirement of 30 members to move an application for registration of a Housing Society but now 10 members could do it. With the termination of the membership of a defaulter member, the ownership of the plot would also cease. After the new amendment, the Registrar Cooperatives would be powered to suspend a subordinate officer or official that he didn’t have in previous act. The Law minister did not agree with some of the proposals and directed the department to make them more public friendly.

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