Section 72 in The Bihar Co-operative Societies Rules, 1959
72. Procedure at meeting.
(1)(a)Where a compromise or arrangement is proposed between a registered society and its creditors generally or, if compromise or arrangement is proposed between the society and any class of its creditors and the Registrar orders a meeting to be held under Section 24-A, he shall cause a notice to be sent by the registered society concerned, or by the liquidator where the registered society has been ordered to be wound up, to each creditor concerned informing them of the date, time and place of the meeting.(b)The society concerned shall send a copy of such notice together with a copy of the document containing the compromise or arrangement, to each creditor other than a creditor on whom the compromise or arrangement, if sanctioned, would be binding under sub-Sections (2) and (5) of Section 24-A.(c)The Registrar shall cause such notice together with a copy of document containing the proposed compromise or arrangement to be sent by registered post or messenger at least one month before the date fixed for the meeting to each creditor to the address noted against the name of such creditor in the books of the society.(2)On the date, time and place appointed for the meeting under sub-Rule (1), the creditors present shall choose a person to be Chairman of the meeting :Provided that the Chairman shall not be entitled to vote, if he is not one of the creditors concerned.(3)The Chairman shall preserve order in the meeting and his decision on any point of order shall be final.(4)Immediately after his election the Chairman shall cause a statement in duplicate to be prepared showing the names of those creditors to whom notice under sub-Rule (1) of Rule 72 has been issued and who are present either in person or by proxy at the meeting. The statement shall show the amount both on account of principal and interest due to each creditor to whom the said notice has been issued and who is present at the meeting either in person or by proxy. The extent of value of each creditor required for the purpose of sub-Section (2) of Section 24-A shall be the total of the principal and the interest calculated up to the close of preceding co-operative year. The statement shall be authenticated by an officer authorised in this behalf by the Registrar and it shall form a part of the proceeding. The Chairman shall put to the meeting the question that the proposed compromise or arrangement be agreed to.(5)(a)Any creditor present to whom a notice under Rule 72 (1) has been issued, may move an amendment to the proposed arrangement or compromise.(b)Any creditor desirous of moving an amendment to the proposed arrangement or compromise shall send to the person issuing the notice under Rule 72 a copy of the proposed amendment at least 14 days before the date of the meeting and such person shall cause copies of such amendment to be sent by ordinary post or by messenger to each creditor to whom the notice under Rule 72 has been sent:Provided that the Chairman may allow any amendment proposed by a creditor of which such notice has not been given to be considered in the meeting, if a majority of the creditors present agree to this being done.(6)Every amendment to the proposed arrangement or compromise shall be put up at the meeting in such form as the Chairman considers most convenient for the purpose of discussion.(7)(a)Persons present at the meeting shall speak on the question put by the Chairman or on any amendment in such order as the Chairman may direct.(b)The Chairman may fix a time-limit for speeches.(8)(a)The Chairman shall cause minutes to be prepared of the proceedings of the meeting and shall sign them.(b)The minutes shall contain the names of all creditors present at the meeting and the name of each creditor voting for or against the question put by the Chairman or on any amendment.(9)If the proposed compromise or arrangement is agreed to with or without modification, the Chairman shall forthwith forward a copy of the minutes signed by him together with a copy of the draft of such compromise arrangement to the Registrar.(10)Creditors on whom notice has been issued under sub-Rule (1) of Rule 72, may remain present at the meeting and may with the permission of the Chairman take part in the discussion but shall not be entitled to vote.(11)Any member of the Managing Committee, any officer of the society concerned, the liquidator and any person authorised in writing in this behalf by the Registrar, may attend the meeting and may, if so required by the Chairman, take part in the discussion but shall not be entitled to vote.(12)The Registrar may refer any question for consideration and decision at the meeting and the Chairman shall put such question to the meeting.(13)(a)A creditor on whom the compromise or arrangement, if sanctioned, would be binding, but who is unable to be present in person at the meeting, may appoint another person as his proxy for such meeting.(b)Every proxy shall be appointed in such form as may be prescribed by the Registrar.(c)The appointment of a proxy shall not be valid unless the form duly filled in is deposited at the registered office of the society at least 48 hours before the time fixed for holding the meeting.(14)The proceedings of any meeting held under these Rules shall not be invalid by reason only of the fact that any notice required to be issued under these Rules was not received by any person.Miscellaneous
