Multi-State Co-operative Societies Act,2002
Act No : 39
Section :
Annual general meeting of general body.
39. Annual general meeting of general body.-(1) The board of every multi-State co-operative society shall, within such period as may be prescribed, and not later than six months after the close of the corresponding year, call the annual general meeting i the manner prescribed for the purpose of- (a) consideration of the audited statement of accounts; (b) consideration of the audit report and annual report; (c) consideration of audit compliance report; (d) disposal of net profits; (e) review of operational deficit, if any; (f) creation of specific reserves and other funds; (g) approval of the annual budget; (h) review of actual utilisation of reserve and other funds; (i) approval of the long-term perspective plan and the annual operational plan; (j) review of annual report and accounts of subsidiary institution, if any; (k) expulsion of members; (l) list of employees who are relatives of members of the board or of the Chief Executive; (m) amendment of bye-laws, if any; (n) formulation of code of conduct for the members of the board and officers; (o) election of members of the board, if any. (2) Where the board of a multi-State co-operative society fails to convene the annual general meeting within the period specified in sub-section (1), the Central Registrar or the person authorised by him in this behalf shall be competent to convene such nnual general meeting within a period of ninety days from the date of expiry of the period mentioned in that sub-section and the expenditure incurred on such meeting shall be borne by the society. (3) At every annual general meeting of a multi-State co-operative society, the board shall lay before the society a statement showing the details of the loans or goods on credit, if any, given to any of the members of the board or to the spouse or a son or daughter of a member of the board during the preceding year or outstanding against him or against such spouse or son or daughter of the member of the board.
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