Section 75 in The Manipur Co-operative Societies Act, 1976
75. Annual general meeting.
(1)Every society shall, within a period of three months from the close of the co-operative year call an annual general meeting of its members:Provided that the Registrar may, by general or special order, extend the period for holding such meeting for a further period not exceeding three months:Provided further that if, in the opinion of the Registrar, no such extension is necessary, or such meeting is not called by the society within the period specified or within the extended period, if any, granted by him, the Registrar or any person authorised by him may call such meeting in the manner prescribed, and that meeting shall be deemed to be a general meeting duly called by the society(2)At every annual general meeting of the society, the Board shall lay before the society a balance sheet and profit and loss account for the year in the manner prescribed by the Registrar by general or special order for any class or classes of societies.Explanation. - In the case of a society not carrying on business for profit, an income and expenditure account shall be placed before the society at the annual general meeting instead of profit and loss account; and all references to profit and loss account in this Act, shall be construed in relation to such societies as reference, respectively, to the "excess of income over expenditure", and "excess of expenditure over income".(3)There shall be attached to every balance sheet laid before the society in general meeting a report by its Board, with respect to-(a)the state of the society's affairs;(b)the amounts, if any, which it proposes to carry to any reserve fund either in such balance sheet, or any specified 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 Board's report shall also deal with any changes, which have occurred during the year for which the accounts are made up in the nature of the society's business. The Board's report shall be signed by its Chairman, or any other member authorised to sign on behalf of the Board as may be prescribed by the rules and the bye-laws.(4)At every annual general meeting, the balance sheet, the profit and loss account, the auditor's report and the Board's report shall be placed for adoption, and such other business including consideration and review of loan given to members of the Board and their near relative and other employees of the society for taking or directing to take action to recover any dues in case of resource society will be transacted as may be laid down in the bye-laws and of which due notice has been given.(5)If default is made to calling a general meeting within the period, or as the case may be, the extended period, prescribed under sub-section (1) or in complying with sub-sections (2), (3) or (4), the Registrar may, by order, declare any officer or member of the Board whose duty it was to call such a meeting or comply with sub-sections (2), (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 Board for such period not exceeding three 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 pay an amount not exceeding one hundred 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.(6)Any penalty imposed under sub-section (5) or under the next succeeding 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.(7)No defaulting member or his surety, who, is in default in repayment of any loan or repayment 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 co-operative bank, and no such person shall be eligible to be a member of the Board or committee of any co-operative institutions.
