Section 36 in The Assam Co-operative Societies Rules, 1953
36. Duties of the Administrative Council and the Managing Body.
(1)The administrative council or the managing body shall observe in all their transactions the provisions of the Act, Rules, bye-laws and directions of the Registrar and shall cause to perform the following duties, namely :(1)to provide for the management of the affairs of the society;(2)to receive and disburse money;(3)to maintain true accounts of money received and expended and of assets and liabilities;(4)to prepare for submission to the annual meeting of the general assembly-(a)an annual report on the working of the society;(b)an annual statement of accounts which shall include-(i)cash account;(ii)balance sheet;(iii)trading account (if any);(iv)profit and loss account; and(v)profit and loss appropriation account;(5)to prepare the statement of accounts required for audit and to place them before the auditors;(6)to prepare and submit all statements and returns required by the Registrar in such forms as he may direct;(7)to enter account's of the society regularly in proper registers;(8)to maintain a register of members up-to-date;(9)to facilitate the inspection of books and records by the inspecting officers;(10)to convene meetings of the general assembly on requisition ;(11)to convene the annual meeting of general assembly in due time ;(12)to watch that the loans are applied for the purposes they are advanced and that they are repaid punctually ;(13)to examine and take prompt action in cases of all arrears and defaults in respect of repayment of loans ;(14)to examine the stock register and verify the actual stock ;(15)to supervise and examine the work of the sub-committees and the office-bearers; and(16)to perform such other duties as may be entrusted by the general assembly.(2)(a)No society, without prior approval of the Registrar, shall take into consideration any balance sheet at its annual general meeting or make any distribution of its profits by way of dividend or bonus or otherwise among its office-bearers, employees and members, unless and until the balance sheet (for the period during which such profits have accrued) shall have been certified to be a true and correct statement of the financial position of the society by the Registrar or the person authorised by him in that behalf.(b)All societies with limited liabilities shall obtain the Registrar's approval to their proposal of the distribution of the profits whether to their office-bearers or employees or members before considering it at the annual general meeting.
