(1) Subject to the provisions of this Act and the rules made thereunder, the final authority of every society shall vest in the general body of members, in general meeting summoned in such a manner as may be specified in the bye-laws.
(2) Where, because of spread of number of members a society feels the need for constituting a representative general body for more effective decision making, it may constitute a representative general body in such manner and with such functions as may be specified in the bye-laws.
(3) Subject to the provisions of this Act and the bye-laws, the following matters shall be dealt with by the general body in the general meetings:-
(a) amendments to bye-laws;
(b) removal of directors;
(c) consideration of-
(i) annual audited financial statement of the society and its subsidiaries, if any;
(ii) annual report of activities;
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(iii) auditors report and audit rectification report.
(iv) annual operational plan and budget.
(v) Approval of excess budgetary expenditure of the previous year;
(vi) long term perspective plan and budget, if any;
(vii) special audit report or inquiry report, if any;
(d) appointment and removal of statutory auditors63[ ***];
(e) appropriation of net surplus;
(f) management of deficits;
(g) fixation of remuneration and other facilities to be allowed to the chairman, any directors or member of any committee or internal auditor in connection with his duties in that capacity or his attendance at related meetings;
(h) amalgamation, division re-constitution and partnership with any other society;
(i) sale and disposal of business undertakings;
(j) dissolution of society;
64[(k) acquisition of an immovable property involving an amount of rupees twenty lakhs and above by following the codal formalities and the guidelines issued by the Registrar, subject to the funds being provisioned in the building fund, and or by way of funds raised by voluntary contribution received from share holders without expecting any returns;
(l) disposal of immovable property involving an amount of rupees twenty lakhs and above as per the guidelines issued by the Registrar from time to time] 65[(m)] all other functions expected of the general body under the other provisions of this Act.
66 [58A. Special general meeting.— (1) A special general meeting may be called,—
(i) at any time by the Chairman; or
(ii) within one month from the date of submission of a requisition in writing to that effect by atleast one-tenth of the total number of members of the society or by atleast one-tenth of the total number of elected representatives or by such number of members as specified in the bye-laws for the purpose; or
(iii) at the instance of the Registrar; or
(iv) in the case of a society which is a member of a federal society, at the instance of the committee of such federal society.
(2) Where, any officer or a member of the committee, whose duty is to call such meeting, fails, without reasonable excuse, to call such meeting, the Registrar may, by Order, declare such member as disqualified for being a member of the committee for such period not exceeding five years, as he may specify in such order or impose on such officer a penalty not exceeding one hundred rupees for each day of default. Before making an order under this sub-section, the Registrar shall give, or cause to be given, a reasonable opportunity to the person concerned for showing cause as to why the action proposed should not be taken against him.
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(3) If a special general meeting of a society is not called in accordance with the requisition referred to in clause (ii) of sub-section (1), the Registrar or any person authorized by him in this behalf, shall have power to call such meeting and that such meeting, when called, shall be deemed to be a meeting duly called by the committee.
(4) The Registrar shall have the power to order that the expenditure incurred in calling a meeting under sub-section (3) shall be paid out of the funds of the society or by such person or persons who, in the opinion of the Registrar, were responsible for the refusal or failure to convene a meeting.]