Annual General Meeting

(1) Every co-operative society shall convene a general meeting of its members once in a year before [twenty fifth day of September] for the purpose of,— (a) consideration of annual report presented by the board; (b) consideration of latest available audit report and the report of the board thereon; (c) consideration of inquiry report, if any; (d) disposal of net profits; (e) review of operational deficit, if any, and programme to reduce such deficit; (f) approval of the programme of activities of the society prepared by the board for the ensuing year; (g) approval of the annual budget; (h) creation of specific reserve and other funds; (i) approval of membership of the co-operative society in other co-operative societies; (j) review of annual report and accounts of any subsidiary organization, if any; (k) perusal of list of the employees recruited who are relatives of members of the board or the Chief Executive; (l) amendment of bye-laws; (m) formation of code of conduct for the members of the board, office bearers and employees of the co-operative society; (n) note on admission and termination of members; (n-1)-review of the use of the services of the society by the members and directors of the society; (n-2)- consideration of the loans and advances made to the directors and their relatives, the defaults, if any, and the action taken for recovery thereof; (n-3)- consideration of the inquiry and inspection reports, if any, and the compliance report of the board on the action taken regarding the rectification of defects and remedying of the irregularities pointed out in the said reports; (n-4)- appointment of auditors; (n-5)- voluntary amalgamation, division, merger, transfer of assets and liabilities; (n-6)- decision on bad debts considered as irrecoverable [as per the guidelines of Reserve Bank of India or NABARD in respect of urban Co-operative Banks or Societies in Co-operative credit structure as the case may be or in the absence of such guidelines as per the guidelines issued by the Registrar]; (n-7)- review of the remuneration, TA, DA & other allowances paid to the directors including the office-bearers in connection with their duties in that capacity or their attendance at related meetings; (n-8) review of the actual utilization of the reserve and other funds; (n-9) liquidation of the cooperative society; and (o) consideration of any other matter which may be brought forward in accordance with the bye-laws. (2) If default is made in calling a general meeting in accordance with the provisions of sub-section (1), the Registrar shall by order,— (a) in case of an office bearer or member of the board whose duty it was to call such meeting and who without reasonable excuse failed to call such meeting, disqualify him for being elected as and for being an office bearer or member of the board for such period not exceeding five years; (b) [Omitted]. Provided that no order shall be made under this sub-section unless a reasonable opportunity of being heard is given to the person against whom the order is to be made. (3) If default is made in calling a general meeting in accordance with the provisions of sub-section (1), the Registrar or any other person authorized by him in this behalf shall, without prejudice to the provisions of sub-section (2) convene the general meeting for the purpose of sub-section (1). (4) The quorum for a general meeting shall be as specified in the bye-laws but not less than one thousand members or ten percent of the members eligible to vote whichever is less. Provided that the quorum for a representative general meeting shall not be less than sixty percent of the representatives eligible to vote at the meeting.