(1) A General Meeting to be termed the annual meeting of the of General Assembly of a registered co-operative society shall be convened within a period of six months of close of the Financial Year to transact the business for the purpose of -
(a) electing members to the Board of Directors or Managing Body, Administrative Council, and other committees of the co-operative society, the chairman, vice-chairman and other office bearers as may be provided in the bye-laws and fixing such fees, salaries or other remuneration as prescribed in the bye-laws:
Provided that the State Government may prescribe by rules the qualifications necessary for office-bearers and employees;
(b) electing internal auditors or auditor, who shall not be members of the Board of Directors or Managing Body, Administrative Council or governing body and fixing the remuneration;
(c) considering the annual report of the Board of Directors or Managing Body, Administrative Council, or if there be no Administrative Council, of the Managing Body, audit report and audited annual accounts and balance sheets and reviewing the working of the co-operative society during the preceding co-operative year;
(d) deciding how profits are to be distributed in accordance with the bye-laws;
(e) passing the annual budget, approving the programme and business development plan for the ensuing year;
(f) fixing the maximum amount of liability to be incurred during the ensuing year and the maximum rate of interest payable on deposit or loans; and
(g) considering such other business as may be placed before the meeting in accordance with the bye-laws.
(2) Such meeting shall be held not later than six months after the close of the Co-operative year and not later than six months after the date of the last preceding meeting held under sub-section(1).
(3) When a co-operative society fails to convene the Annual General Meeting within a period specified in sub-section (2), the Registrar or the person authorized on his behalf shall be competent to convene such Annual General Meeting within a period of ninety days from the date of expiry of the period mentioned in sub-section (2) of this section.
(4) No member of a Board of Directors or Managing Body, Administrative Council or other committee so elected in the Annual General Meeting shall be eligible for election as the Chairman or Vice Chairman of the Cooperative Society if such member is a Minister in the Central or in the State Government:
Provided that no person shall be eligible to hold at the same time, office of Chairman and Vice Chairman of the Board of Directors or Managing Body or Administrative Council of more than two Co-operative Societies,