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    CS Amendment Bill 2020

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    sher afzal

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    © All Rights Reserved
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    CS Amendment Bill 2020

    Uploaded by

    sher afzal
    7 views5 pages

    Copyright

    © © All Rights Reserved

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    7 views5 pages

    CS Amendment Bill 2020

    Uploaded by

    sher afzal

    Copyright:

    © All Rights Reserved
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    of 5

    REGTSTERED No,-!

    4-:-192
    L._7646
    I
    tEheGpldc d ?EHdEr
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    EXTRAORDINARY
    PUBLISHED BY AUTHORITY

    ISLAMABAD, THURSDAY, SEPIEMBER 24, 2O2O

    PART I

    Acts, Ordinanccs, Prcsident's Orders and Rcgulstioos

    SENATE Sf,CRETARIAT

    I\lantabdd, thc 23d Septenber, 2020


    No. F.9(32)/202Glegis.-The following Acr ot Majlis-e Shoora
    (Parliamcnt) received the assent oI the President on 21st Seprcmb€r, 2020 and is
    herebl published for geneml infonnationi

    ACT NO. XXVllr OF 2020

    An Actlwthcr lo amend the Cooperutb\e Societics Act, 1925

    wrrERtAS it is cxpedienr further to amend the Cooperative Sociclics


    Acr, 1925 (Sindh Act, VII of I925) in its application to the extent oflslamabad
    Capital Territo+:

    It is hereby enacted as folkrws:-

    1, Short title aEd commcncemctrt -< l ) This Act shall be called thc
    Cooperative Societies (Amcndment) Ac_L 2020.

    (2) h shall comc into force at oncc.

    (553)

    Price: Rs. 10.00


    [6059(2020) Ex.Gaz.]
    554 THE GAZETTE OF PAKISTAN, EXI'R^., SEPTEMBER 24, 2020 [PARr I

    . 2. Amendment in s€ction 3, Sibdh Act vII of 19i:5.-In the


    Cooperative Societies Act, 1925 (Sindh Act VII of 1925), hercinaflcr called as
    tho said Act, in section 3:-
    (i) the existing clause (a) shall be re-numbered as clauj€ (aa) and
    b€fore that the following clause (a) shall b€ inseried, narnely:

    "(a) 'beneficial ownei' means a natural person whc ultimately


    o\r-ns or controls a smrety, whether directly or i rdirectl) or
    have ownership thercofby exercising effectrve cortrol in that
    society throuSh orher means as may be prcscrib€d. '
    (ii) after clause (b), lhc followin8 new clause (ba) shall l)€ hs€rte4
    namely:-

    '(ba) 'clmpetent authority" means the re!$lators, oven.ight bodies


    for Statutory Regulatory Bodies (SRBS), rh,) financial
    monitorinS unit of thc State Bank of PakisEn and lhe
    investiSating o. prosecuting agencies as d€fined in the AntF
    Money Laundering AcL 2010 (VIl of20l0); and

    (iii) after clause (d), the following new clause (da) shall I)€ ins€ned,
    namelY:-

    "(da) "prescribed' means prescrib€d by rules made undrr this Act'

    3. Amendmert ir sectior 9, Sirdh AcMl of 1925.-ln the said


    Act, in sijction 9, sub-section (2), in clause (a), the word "and" at the r:nd shall be
    omitted flnd in clause (b), for full stop at the end a semicolon shall be substituted
    and thereafter the following new clauses (c) and (d) shall be inserted, namely:-

    '(c) providing information, as may be prescribed, about itrl memb€rs,


    beneficial owners. running aifairs of the society, to thc Registrar;
    and

    (d) if the society is run by non'mcmbers i.e ollicers or 3mployees,


    . information in prescribcd manncr shall be provided regarding these
    employecs and officers and thc rcasons for running thc affaiE by
    them."

    4. Amcndm€nt in sectioD l7-A, SiDdh Act VII of t925.--ln the said


    Acr, in section l7A, the existing provision shall be numbered as sub-s€ction (1)
    thereof, and after suEsection (l), numbered as aforesaid, the fotk)wing new
    sub-section (2), (3), (4), (5) and (5) shall be added, namety:
    PART ]] THE GAZETTE OF PAKISTAN, EXTRA,, SEPTEMBER 24, 2O2O 555

    "(2) Where a society is a member of another society, that society shall


    nomina(e any of its members to scrve as a director ofthe society of
    which it is a member.

    (3) The director of a society who is nominated in acco.dance with


    sub-secnon (2) must be a natural person who shall provide such
    infonnation to rhe society to which he is nominated, in such
    circumstances and manner, as may be prescribed,

    (4) The Secretary of a society shall kcep an updated record of any


    nominated directors, as well as provide prescribed information of
    the nominated directors to the Registrar both annually and from
    time to time when changcs occurs in the prescribed crcumstances

    (5) Ihe Registrar shall keep an updated record of the nominated


    Directors of all societies in the prescribed circumstances and
    manner,

    (6) Other than as set out in sub-section (1), no director shall nominate
    on his behalf a membcr or director to perform the membership
    rights on his behalf."

    5. Insertion of section 20A atrd section 20B, Sindh Act VII of


    1925.-In the said Act, after section 20, the following new sections 20A and
    208 shall be inserted, namel):-

    "20A. Provision of intormation.-{l ) The Secretary of the society


    shall provide such information to the Registrar both annually and from
    time to hme when changes occur, as may be prescibed.

    2 The secretary of the society shall provide to competent


    authorities at any time upon request prescribed information, including
    but no limited to beneficial owrers, members, nominees of the
    members, officers, employees and managing committee ofthe society.

    3. The Registrar may at any time by his own or through a


    person authorizcd by him seek the prescribed information ftom the
    Sccretary ol.the soniety.

    20B. Provision of informatior by the Registrar.-The Registrar shall


    provide information to any comp€tent authority upon their request in
    writing, regarding the members and beneficial owners, olficers and
    employees of the society, assets or shares held by the members in the
    sociery, their addresses, norninces of the membe.s, properties and
    fi nancial conditlon of the society."
    5J6 TI{E GAZETTE OF PAIOSTAN, LXTRA,, SEPTEMBER 24,20:IO [PART I

    6. Inlertior of sectior 2lA, Sitrdh Act vII of 1925.-ln th€ sa,d


    Ac! after s€ction 21, the following ncw section 2lA, shall lE insened,
    na.lnely:-

    "21A. UpdatiDg of records of societiB.-{l) Every society shall, in a


    prescribed manner, provide the information about its benefcial owne.s
    to the Registrar within three months of the commencernent ol'lhc
    Cooperative Societies (Amendment) Act, 2020.

    (2) The ReSistrar shall keep an up to date rEcord as prescribcd


    of &ll the beneficial owners, rnembers, nominees of th: members,
    directors, managing c-ommiltee and cmployees ofthe societi(s.

    (3) Ifa society falls to provide lhc information as requircd


    under sutsection (1), the Registrar shall, after affording the opponunity
    ofbeing heard, cancel that socrety's registaation."

    7. Insertion of section 34A, Sirdh Act VII of 1925.- In lhe said


    Act. after section 34. the following new section 34A, shall ,e inserted,
    namely:-

    "34A. Prohibition on issuance of be{rer shrres, warrants, etc.-No


    society shall allot, issue, sell, transfcr or assign any bearer shares, bearer
    sharc warants or any other equily or debt security ofa bear,jr nalure, by
    u,halever name call€d and any allotment, issue, sale, transfcr,
    assignment or other disposition of any bearer shares or l)earer sharc
    waftants or any olher equity or debt security ofa be3rcr natLjrc, shall bc
    void.'

    t. Insertion of section 49A, Sitrdh Act v[ of 1925.--ln the said


    Act, aftcr section 49, the following new section 49A, shall b€ inserted,
    namely:-

    "49A. Rccords of th. socicly whose registration hss bc.cn


    c{trc€ll.d.-The R€gistrar shall. lbr a pcriod not less thar five yeals,
    keep all the records of a sociqy along with proceeding o' liquidation
    completed whose registration has becn cancelled.

    (2) The S€cretary of lhe society whose registrati)n has b€en


    cancelled shall also keep the records ofthe society for a pe-iod not less
    than five years and the society shall not dispos€ of irs record after five
    years withoutthe approval ofthe Ragistrar."

    9. AirleEdm€nt iu sectioD 60, Sirdh Act VII of 1925.- In the said


    Acl. in section 60, in clause (d), for full stop at the end, a semicolon and the
    PART I] THE GAZETTE OF PAKISTAN, DXTRA,, SEPTEMBER 24, 2O2O 557

    word "oi shall be substituted and thereafter Gc following new clause (c) shall
    be added, namelyr-

    "(e) ifa memb€r, employee, director, officer or secretary of the s@iety


    or the society ibelfdoes not fumish information under lhis Act or
    does not comply with any provision ofthis Act."

    10. Amendment in section 51, Sindh Act VII of 1925.-ln the said
    Acq in section 61, for the expression "Rs. 50" the words "one million rupccs"
    shall b€ substituted.

    11. Insertior of sectrotr 5lA, Siodh Act VII of 1925.-ln the said
    Act, after section 61, amended as aforesaid, the following new secrion 6ld shall
    be inserted, namely
    -
    "61A. Petr.lty for offcnce! corrmitt d utrdcr cltulc (e) of
    s€{tior 60.- Any member, employee, director, omcer or secretary of
    the society found guilty under claus€ (e) of section 60 shall be
    punishable with an imprisonment for a term not less than three years and
    not exceeding five years or with a fine upto two million ruF,ees or with
    both and, if a-ny society rs found guilty under the said clausc (e) of
    section 60 shall be liable to a fine up to a maximum of one-fourth of its
    working capihl orto a fine not exce€ding ten million rupe€s."

    DR. SYED PERVAIZ ABBASS,


    Secrerary.

    PRINTF.D BY TI{! M NAOIR PRINTING CORPORNTIo){ OF PRFSS. $iNMABAD


    PT]BUSHED 'A(STAN
    DY'IIIE DEPIJTY CONTROLIIR- ST NONERY AND FORMS, T-IMVERSITY ROAD, XAXACHI

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