(1) The qualifications for appointment of the Chief Executive Officer, Finance Officer, Manager, Secretary, Accountant or any other officer of a society or a class of societies and his emoluments and perquisites shall be such as may be determined by the Registrar, from time to time.
(2) In the society or class of societies, as the State Government may, from time to time, notify in the Official Gazette, there shall be a Chief Executive Officer and a Finance Officer, who shall be appointed by the society from a panel of persons selected by a body of such persons not exceeding five as may be prescribed :
7[Provided that, the qualification for appointment of the Chief Executive Officer of the District Central Co-operative Bank and the State Co-operative Bank shall be such as may be prescribed by the Reserve Bank of India, from time to time.]
1 Sections 73E and 73EA were deleted by Mah. 16 of 2013, s. 35.
2 Section 73F was substituted by Mah. 16 of 2013, s. 38.
3 Sections 73-FFF and 73-G were deleted by Mah. 16 of 2013, s. 39.
4 Section 73H was deleted by Mah. 16 of 2013, s. 40.
5 Section 73I was inserted by Mah. 16 of 2013, s. 41.
6 Section 74 was substituted by Mah. 20 of 1986, s. 37.
7 This proviso was added by Mah. 11 of 2008, s. 20.
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(3) The Chief Executive Officer so appointed shall be ex-officio member of the committee but he shall have no right to vote at the meeting of the committee].
75. 1[Annual general body meeting.]— (1) Every society shall, within a period of 2[four months after the close of the financial year, get its books of accounts audited and within six months after the close of financial year to transact its business as may be provided in this Act, call the annual general body meeting of its members].
3[Provided that, the Registrar may, in exceptional circumstances such as infectious diseases, pandemic, flood, heavy rains, droughts or earthquake, by general or special order, extend the above referred period not exceeding three months:]
4[5[Provided further that], for the financial year 2019-2020 6[and year 2020-2021], the society may get its books of accounts audited within nine months from the close of its financial year and call the annual general body meeting within twelve months from the close of its financial year:]
7[8[Provided also that], where such meeting is not called by the society, the Registrar or any officer authorised by him may call such meeting in the manner prescribed and that meeting shall be deemed to be a general body meeting duly called by the society,] and the Registrar may order that the expenditure incurred in calling such a meeting 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 the general meeting.
9[(2) At every annual general body meeting of a society, the committee shall lay before the society,—
(i) a statement showing the details of the loans, if any, given to any of the members of the committee or any member of the family of any committee member, including a society or firm or company of which such member or members of his family is a member, partner or director, as the case may be ; the details of repayment of loan made during the preceding year and the amount outstanding and overdue at the end of that year ;
(ii) annual report of its activities ;
(iii) plan for disposal of surplus ;
(iv) list of amendments of the by-laws of the society, if any ;
(v) declaration regarding date and conduct of its election of its committee, when due ;
(vi) audit report of the preceding financial year ;
(vii) rectification report of earlier audit ;
(viii) annual budget for next year ;
(ix) any other information required by the Registrar in pursuance of any of the provisions of the Act and rules ; and
(x) such other business, will be transacted as may be laid down in the by-laws and of which due notice has been given.
Explanation I.— For the purposes of this sub-section, the expression “family” means a wife, husband, father, mother, brother, sister, son, daughter, son-in-law or daughter-in-law ;
1 The marginal note was substituted by Mah. 16 of 2013, s. 42(f).
2 These words were substituted for the words “three months next after the date fixed for making up its accounts for the year under the rules for the time being in force, call a general meeting of its members” by Mah. 16 of 2013, s. 42(a)(i).
3 This proviso was inserted by Mah. 28 of 2022 s. 9(1).
4 This Proviso was added by Mah. 30 of 2020, s. 3(a).
5 These words were substituted for the words “Provided that” by Mah. 28 of 2022, s. 9(2).
6 The words, figures and sign “and year 2020-2021” were inserted by Mah. 5 of 2022, s. 3(i).
7 These words were substituted for the words “Provided further that” by Mah. 28 of 2022, s. 9(3).
8 This portion was substituted for the portion beginning with the words “Provided further that” and ending with words “duly called by the society,” by Mah. 16 of 2013, s. 42(a)(iii).
9 Sub-section (2) was substituted by Mah. 16 of 2013, s. 42(b).
62 The Maharashtra Co-operative Societies Act, 1960 [1961 : Mah. XXIV
Explanation II.—In the case of a society not carrying on business for profit, an audited income and expenditure account shall be placed before the society at the annual general body meeting instead of audited profit and loss account, and all reference to audited profit and loss account, and to “profit” or “loss” in this Act, shall be construed in relation to such society as references respectively to the “excess of income over expenditure”, and “excess of expenditure over income”.]
1[(2A) Every society shall, appoint an auditor or auditing firm from a panel approved by the State Government in this behalf in its annual general body meeting having such minimum qualifications and experience as laid down in section 81, for the current financial year and shall also file in the form of return to the Registrar, the name of the auditor appointed and his written consent for auditing the accounts of the society within a period of thirty days from the date of the annual general body meeting:
Provided that, the same auditor shall not be appointed for more than three consecutive years by the annual general body meeting of the same society.]
2[(2B) The Committee shall, in the financial year 2020-2021 3[and year 2021-2022], have the power to decide on the disposal of surplus and annual budget for the next year and to appoint an auditor or auditing firm from a panel approved by the State Government in this behalf having such minimum qualifications and experience as laid down in section 81. The decisions of the Committee in respect of the above matters shall be laid in the annual general body meeting of a society held thereafter for ratification.]
(3) There shall be attached to every balance sheet laid before the society in general meeting, a report by its committee, with respect to (a) the state of the society’s affairs; (b) the amounts, if any, which it proposes to carry to any reserve either in such balance sheet, or any specific balance sheet; and (c) the amounts, if any, which it recommends, should be paid by way of dividend, bonus, or honoraria to honorary workers. The committee’s report shall also deal with any changes, which have occurred during the year for which the accounts made up, in the nature of the society’s business. The committee’s report shall be signed by its chairman, or any other member authorised to sign on behalf of the committee.
4[(4) At every annual general body meeting the audited balance sheet, the audited profit and loss account, audit report of the preceding financial year submitted by the auditor appointed under section 81, rectification report of earlier audit and the committee’s report shall be placed for adoption and such other business will be transacted as may be laid down in the by-laws, and of which due notice has been given.]
(5) If default is made, in calling a 5[general body meeting within the period] prescribed under subsection (1), or in complying 6[with sub-section (2), (2A),] (3) or (4), the Registrar may by order declare any officer or member of the committee whose duty it was to call such a meeting or comply 7[with subsection (2), (2A),] (3) or (4), and who without reasonable excuse failed to comply with any of the aforesaid sub-sections disqualified for being elected and for being an officer or member of the committee for such period 8[not exceeding five years], as he may specify in such an order and, if the officer is a servant of the society, impose a penalty on him to 9[pay] an amount not exceeding 10[five thousand rupees]. Before making an order under this sub-section, the Registrar shall give, or cause to be given, a reasonable opportunity to the person concerned of showing cause against the action proposed to be taken in regard to him.
1 Sub-section (2A) was inserted by Mah. 16 of 2013, s. 42(c).
2 Sub-section (2B) was inserted by Mah. 31 of 2020, s. 3.
3 The words, figures and sign “and the year 2021-2022” were inserted by Mah. 5 of 2022, s. 3(ii).
4 Sub-section (4) was substituted by Mah. 16 of 2013, s. 42(d).
5 These words were substituted for the words “general meeting within the period or, as the case may be, extended period” by Mah. 16 of 2013, s. 42(e)(i).
6 These words, brackets, figures and letter were substituted for the words, brackets and figure “sub-section (2)” by Mah. 16 of 2013, s. 42(e)(ii).
7 These words, brackets, figures and letter were substituted for the words, brackets and figure “sub-section (2)” by Mah. 16 of 2013, s. 42(e)(ii).
8 These words were substituted for the words “not exceeding three years” by Mah. 16 of 2013, s. 42(e)(iii).
9 This word was inserted by Mah. 33 of 1963, s. 16(a).
10 These words were substituted for the words “one hundred rupees” by Mah. 16 of 2013, s. 42(e)(iv).
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(6) Any penalty imposed under sub-section (5) or under 1[section 76], may be recovered in the manner provided by the 2[Code of Criminal Procedure, 1973 (2 of 1974)], for the recovery of fines imposed by a Magistrate, as if such fine was imposed by the Magistrate himself.
76. 3[Special general body meeting.]— (1) A 4[special general body meeting] may be called at any time by the Chairman or by a majority of the committee and shall be called within one month—
(i) on a requisition in writing of one-fifth of the members of the society or of members the number of which is specified in the by-laws for the purpose, whichever is lower, or
(ii) at the instance of the Registrar, or
(iii) 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 it was to call such meeting, without reasonable excuse, fails to call such meeting, the Registrar may by order declare such officer or member disqualified for being a member of the committee for such period 5[not exceeding five years], as he may specify in such order; and if the officer is a servant of the society, he may impose on him a penalty not exceeding 6[five thousand rupees]. Before making an order under this sub-section, the Registrar shall give, or cause to be given, a reasonable opportunity to the person concerned of showing cause against the action proposed to be taken in regard to him.
(3) If a special general meeting of a society is not called in accordance with the requisition referred to in sub-section (1), the Registrar or any person authorised by him in this behalf, shall have power to call such meeting, and that meeting shall be deemed to be a meeting duly called by the committee.
(4) The Registrar shall have 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 the meeting.