(1) Every society shall, Within a period of threemonths from the closeof the» co-operative year call an annual general meeting of its members : ‘ «3 Provide that, the Begis ar, may by general or special order, extend the period 1- holding such eetings for av’further period not exceeding three mo he: i Provideil further that if in the {pinion of the Registrar, no'such extension is necessaryfiorsuch rnee’tifi/gfi—0is not called by the society within the period specifiettt or Within tf‘éxtended period, if any, granted by 31mm, the Registgefif or any 996011 authoriSed by him may eall§sueh "’ "H Amendments 1: The Word “transaction” was s11bstituted“for the word‘"ettention” by Maniptir Act 12 of1984, sec. 7 (ii).
2. The word “conduct” ayes substituted for the word "conduce” by Menipur Actl? Of 1984, sec. ’7, (iii).
meeting in the man prescribed, and that meeting shall be deemed tobe a general meet' g duly called by the society.
(2) At every annual general meeting of society, the Board shalllay before the society a balance sheet and profit and loss account forthe year in the manner, prescribed by the Registrar by general orspecial order for any class or classes of societies.
Explanation :1—- In the ease of a society not carrying on businessfor profit, an income and expenditureaceount shall be placed before thesociety at the annual general meeting instead of profit and loss account;and all references to profit and loss account, in this Act shall beconstrued in relation to such society as references, resPeetively tothe “income OVer expenditure” and “excess of expenditure overincome”.
'
(3) There shall be attached to every balance sheet laid beforethe society in the general meeting, a report by its Board, withrespect to (a) the state of the society’s afi'airs; (b) the amounts, ifany, which it proposes to carry to any reserve either in suchbalance sheet, or any specific balance sheet; and (c) the amounts,if any, which it recommends, should be repaid by way of dividend,bonuS, or honoraria to honorary workers. The Board’s report shall alsodeal with any charges, Which have occurred during the year forWhich the accounts are made up in the nature of society’s» business.The Board’s report shall be signed by its Chairman 'or any othermember authorised to sign on behalf of the Board as may beprescribed by the rules and the bye-laws.
(4:) At every'annual general meeting, the balance sheet, the profitand loss account, the auditor’s report and the Board’s report, shallbe placed for adoption, and such other business, including consi-deration and review of loan given to membersof theBoard and theirnear relatives and other employees of the society fortaking 01' directingto take action to recover any due in ease-of resource society Will betransacted as may be laid down in the bye-laws and of Which duenotice has been given.
(5) If default is made, in calling a.general meeting within. thepericd,('or, as the case may be,‘ , ' Xprescribed undereub-seemfimg), (3.) or (4), theRegistrar may by order declare, to any officer or member of theBoard whose duty it was to call such a meeting to comply withsub-sections (2), (3) or (4), and who without reasonable excuse failedto comply with any of the aferesaid' subsections disqualified for bein perimi not exeeeding three years, as he may specify in such an orderand, 1f the officer is a servant to the society, impose. penalty on’ him toan amount not exceeding one hundred rupees. Before making an orderunder this sub-section the Registrar shall give, or cause to be given, La reasonable opprtunity to the peracn concerned of showing causeagainst the action proposed to be taken in regard to him.
29‘ 30 Special general meeting.
Act of socie~ ties etc. not to be invalidated by certain defects.
(6) Any penalty imposed under sub-section (5) or under the next succeding section, may be recovered in the manner provided by the Code of Criminal Procedure, 1973, for the recovery of fines imposed by a Magistrate, as if such fine was imposed by the Magistrate himself.
1[(7) No defaulting member or his surety, who is in default in payment of any loan or payment of any sum due to any society, including co-operative bank, for a period exceeding three months shall be entitled to vote in the general meeting of the society, including cooperatiVe bank, and no such peracn shall be eligible to be a member of the Board or committee of anyeo-operative institutions.”]