(1.) FOUR out of the nine elected Directors of the Board of Directors of the Faridkot Central Co-operative Bank Ltd. , Faridkot, who were elected as Directors of the said Board of Directors in September, 1978, for a term of 3 years, as envisaged under Section 26 of the Punjab Co-operative Societies Act, 1961 and bye-law 31 of the Bye-laws of the said Bank, have challenged the order dated 15-6-1981 (Annexure P-1 to this petition) of the Joint Registrar, Co-operative Societies, Ferozepur Division, Ferozepur, directing the Manager of the said Bank to take steps for the election of the Directors of the new Board of Directors in pursuance of the provisions of Section 28 (1-C) of the Act, on the ground that the President and the Vice-President were elected only on January 31, 1979, for a term of three years, as per bye-law 33 and since the term of the President and the Vice-President has to be conterminus with that of the Committee and their term as per bye-law 33 was to expire on January 31, 1982, the term of the Committee, too, was to expire on January 31, 1982, and not on September 6, 1981, by which date the impugned order had envisaged a fresh election of the Directors.
(2.) THE relevant provisions of the statute and bye-laws deserve notice at the very outset :
(3.) THE provisions of Section 26 (1-B) and (1-C) are in the following terms. Section 26 (1b) :