Section 50 in Himachal Pradesh Co-Operative Societies Rules, 1971
50. Duties of Managing Committee.
- The managing committee shall observe in all their transactions the provisions of the Act, rules and bye-laws, and in particular, shall perform the following duties;(a)to receive and disburse money;(b)to maintain true accounts of money received and expended, and accounts of the assets and liabilities;(c)to prepare for submission to the annual general meeting -(1)Receipt and Disbursement Statement ;(2)Balance Sheet ;(3)Trading and Profit and Loss Account ;(4)Appropriation of Profits ;(d)to prepare the statements of accounts required at audit and to place them before the Auditors;(e)to prepare, and submit all statements and returns, required by the Registrar in such form as he may direct ;(f)to enter accounts of the society regularly and periodically in proper books;(g)to maintain a register of members up-to-date;(h)to facilitate the inspection of books and audit of accounts of the society by those entitled to inspect/audit them;(i)to convene general meetings;(j)to convene the annual general meeting in due time;(k)to ensure that loans and advances are applied for the purposes for which they are made, and that they are punctually repaid;(l)to examine and take prompt action in cases of all arrears and defaults in repayment of loans and advances;(m)to perform such other duties as may be entrusted by the general meeting; and(n)in general to carry on the business of the society in accordance with its bye-laws;(o)[ to take steps to initiate election process 90 days before the expiry of term of the present committee.] [Inserted vide notification No.Coop. A(3)-1/99-Vol.-I dated 25-7-2006 published in Rajpatra dated 27-7-06.]
