(1) The board of a cooperative may, at any time call a general meeting of the members of the cooperative :
Provided that one such meeting known as annual general meeting shall be held within one hundred and fifty days of the closure of the cooperative’s financial year to consider and/or to approve, among other matters, the returns to be filed with and the information to be furnished to the Registrar :
(2) The board shall hold a special general meeting within thirty days of the date of receipt of a requisition from,––
(a) at least 25 of the members having the right to vote ; or
(b) the Registrar :
Provided that any such requisition shall contain the reasons why the meeting is felt necessary and the proposed agenda, and no subject other than the subjects included in the proposed agenda shall be discussed at the special general meeting.
(3) All directors shall cease to be directors at the end of the period within which an annual general meeting under sub-section (1) or a special general meeting under sub-section (2) is required to be held, if the board fails to hold such general meetings within the specified period.
(4) All directors shall cease to be directors at the annual general meeting, if the audited annual financial statement and auditor's report alongwith the report of activities for the previous financial year were not made available to each of the members alongwtth the notice to attend the annual general meeting at which the report and accounts are to be considered by the general body.
(5) The quorum for a general meeting shall be as specified in the articles of association, but shall not be less than twenty per cent of the members eligible to vote at the meeting :
Provided that quorum for a representative general body meeting shall not be less than forty per cent of the representatives eligible to vote at the representative general body meeting.