1. The petitioners, thirteen in number, are agriculturists, and are members of the Primary Land Mortgage Bank Ltd., Bhatinda (hereinafter called the Bank). The Bank is a society registered under the Punjab Co-operative Societies Act, 1961 (hereinafter called the Act) and Punjab Co-operative Societies Rules, 1963 (hereinafter called the Rules) and the bye-laws of the Bank (hereinafter called the bye-laws). Bye-law 5 lays down the objects of the Bank and the purposes for which loans can be granted. One of the purposes, for which a loan can be granted, is construction and repair of ordinary wells and tube-wells, installation of pumps and other water lifting appliances. The Bank cannot grant any loan without the approval of the Punjab State Co-operative Land Mortgage Bank Ltd. (hereinafter to be referred as the State Bank). A meeting of the Executive Committee of the State Bank was held on October 27, 1971, when the following resolution was passed:-

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"In view of the advice from R. B. I. and also on the basis of experience gained during last two years it has been considered that there is need to review loaning policy in respect of advances for diesel engines and electric motors