Annual general meeting

A general meeting of a co-operative society shall be held once in a year for the purpose of (a) approval of the programme of the activities of the society prepared by the committee for the ensuing year; (b) election, if any, of the members of the committee other than nominated members: (c) consideration of the audit report and the annual report; (d) disposal of the net profit: (e) consideration and approval of the annual budget ; and (f) consideration of any other matter which may be brought forward in accordance with the bye-laws. (1) Every member of a co-operative society shall nominate a person or persons to whom his share or interest referred to in section 21 or such sums out of share or interest as may be specified by the member, shall, on the death of the member be transferred or paid as laid down in the bye-laws.

(2) Such nomination may, from time to time, be revoked or modified by the member.

(3) The number of persons who may be nominated by a member shall not exceed the number of shares held by him.

(4) When a member of a co-operative society nominates more than one person, he shall, as far as practicable, specify the amount to be paid or transferred to each nominee in terms of whole share and the interest accruing thereon.

(5) The record of nomination shall be kept by a co-operative society in such manner as may be laid down in the bye-laws.

(6) The value of the share or interest transferred or paid to a nominee or nominees shall be determined on the basis of the sum paid by the member to acquire such share or interest, unless the bye-laws of the co-operative society provide for calculation on different basis.