Section 77(2) in The Gujarat Co-Operative Societies Act, 1961
(2)At every annual general meeting of a society, the committee 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, and to "profit" or "loss" in this Act, shall be construed in relation to such society a references respectively to the "excess of income over expenditure" and "excess of expenditure over income".
