Act Number: 39

Act Name: The Multi-State Co-operative Societies Act, 2002

Year: 2002

Enactment Date: 2002-07-03

Long Title: An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.

Ministry: Ministry of Cooperation

Department:

Section 39: Annual general meeting of general body.
    (1) The board of every multi-State co-operative society shall, within such period as may be prescribed, and not later than six months after the close of the corresponding year, call the annual general meeting in the manner prescribed for the purpose of--
         (a) consideration of the audited statement of accounts;
         (b) consideration of the audit report and annual report;
         (c) consideration of audit compliance report;
         (d) disposal of net profits;
         (e) review of operational deficit, if any;
         (f) creation of specific reserves and other funds;
         (g) approval of the annual budget;
         (h) review of actual utilisation of reserve and other funds;
         (i) approval of the long-term perspective plan and the annual operational plan;
         (j) review of annual report and accounts of subsidiary institution, if any;
         (k) expulsion of members;
         (l) list of employees who are relatives of members of the board or of the Chief Executive;
         (m) amendment of bye-laws, if any;
         (n) formulation of code of conduct for the members of the board and officers;
         (o) election of members of the board, if any.
     (2) Where the board of a multi-State co-operative society fails to convene the annual general meeting within the period specified in sub-section (1), the Central Registrar or the person authorised by him in this 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 that sub-section and the expenditure incurred on such meeting shall be borne by the society.
     (3) At every annual general meeting of a multi-State co-operative society, the board shall lay before the society a statement showing the details of the loans or goods on credit, if any, given to any of the members of the board or to the spouse or a son or daughter of a member of the board during the preceding year or outstanding against him or against such spouse or son or daughter of the member of the board.
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