Provincial Minister for Law, Parliamentary Affairs and Social Welfare Raja Basharat chairing a meeting at Civil Secretariat nodded several amendments in the Cooperatives Housing Societies Act, 1925.
The secretary and senior officers of the cooperatives department deliberated reasons for the new amendments.
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 will be increased from Rs 50,000 to Rs 1 million.
The minimum amount of capital share of the cooperatives housing society will be increased from Rs 50,000 to Rs 2 lac.
The law minister did not agree with some of the proposals and directed the department to make them more public-friendly.
