Every co-operative society shall, within six months, after the date fixed for making-up its accounts for the year, call a general meeting of its members for-
- Approval of the activities planned by the committee for the ensuing year.
- Election of new members, other than the ones nominated;
- Consideration of the audit report and annual report;
- Disposal of the net profits;
- consideration of any other matter in accordance with the bye laws.
The Registrar may, by general or special order, extend the period for holding such a meeting for a further period not exceeding three months.
If the Registrar does not find such an extension necessary, the meeting shall be deemed to be a general meeting by him. The Registrar may then order that the expenditure incurred in calling the meeting to be paid out of the funds of the society. He may otherwise order the persons who, in his opinion, were responsible for the refusal or failure to convene the general meeting, to pay for the general meeting.
At every annual general meeting of a co-operative society, the committee shall lay before the society, a statement showing the details of the loans, given to any of the members of the committee during the preceding year.