News

ISSUING OF SHARES TO MEMBERS AS PER BYE-LAWS

No. NFC-ECHS/

                                                                                                27 July 2019

Subject:       ISSUING OF SHARES TO MEMBERS AS PER BYE-LAWS NO. 17, 18, 19, 20 AND 20 A OF THE SOCIETY AND AS PER ORDER OF REGISTRAR COOPERATIVE SOCIETIES, GOVERNMENT OF PUNJAB, LAHORE

Dear Member,

As per order of the Registrar Cooperatives Societies, Government of Punjab Lahore issued vide letter No.3866-DRL/H dated 10.12.2018. The matter for the issuance of shares under the provisions of Bye-Laws No. 17, 18, 19, 20 and 20 A was put up in 22^nd AGM for consideration and approval. The proposal for issuance of shares as per Bye-Laws of the society was approved in the said 22^nd AGM. You are requested to deposit share money at the rate of Rs. 1,000/- per share for the total shares to be purchased by you under the Bye-Laws according to the size of residential/commercial plot owned by you in the society. The provisions of Bye-Laws No. 17, 18, 19, 20 and 20 A are reproduced hereunder for the information of members:

SHARES

17.      Every member will have to purchase at least one full share amounting to Rs. 1,000/- which; will be paid in lump sum at the time of admission.

18.      Members desiring to have residential plots will have to purchase shares at the following rates:-

Size of Plot                                         Shares to be purchased

1.  Upto 5 Marla                                                   One share

2.  6 to 10 Marlas                                                 Two shares

3.  11 Marlas to one Kanal                                   Four Shares

4.  More than one Kanal but                                Eight shares

less than two Kanals

5.  Two Kanals or more                                        Ten shares

(These measures will be as per local revenue scales)

19.      Members desirous to having commercial plots will have to purchase shares at the following rates:-

Size of Plot                                         Shares to be purchased

1.    Upto 3 Marlas                                             Two shares

2.    Above 3 Marla to 5 Marlas                          Three shares

3.    More than 5 Marlas                                   Five Shares

20.      No individual member shall hold shares, the value of which exceeds Rs. 20,000/- or 1/5^th of the total share capital of the society, whichever is less. If an individual member, by inheritance or otherwise, comes in possession of more than the maximum holding permitted by this rule, the Managing Committee shall have the power to sell the excess number or purchase them for the society.

20A. The Managing Committee may waive the condition of the holding of maximum shares in case of such commercial plots which have to be of bigger size for the construction of such public utilities such as Cinema Houses, Petrol Pumps, Workshops, Restaurants and any other commercial activity, Subject to concurrence of the Chairman.

You are requested to kindly deposit the amount of shares money calculated at the rates mentioned above on the basis of plot held by you in the society’s bank account by or before 31.12.2019. Failing which your membership may be cancelled.

The member holding more than one plot can purchase maximum 20 shares. Therefore the members who are holding more than one plot in the society may deposit the share amount depending on the size of residential and commercial plot but the total share amount for all the plots owned by single owner should not exceed Rs. 20,000/-.

Thanking You,

                                                                              MUMTAZ HUSSAIN BALOUCH

                                                                                                                     Secretary