Amendment status not verified — confirm the current text below against the official source.
General Body.- (1) Subject to the provisions of this Act, rules and the bye-laws, the final authority of a Co-operative shall vest in its general body. (2) Where a Co-operative so desires, its bye-laws may provide for a representative general body drawn from the members, to be constituted in such manner and with such functions as specified in the bye-laws. Any reference in this Act to the general body shall apply to the representative general body also. (3) Subject to the other provisions of this Act, rules and the bye-laws, the following matters shall be dealt with by the general body namely:- 1 [(a) consideration of the annual report of the preceding cooperative year submitted by the board; (b) appointment and removal of the auditor and internal auditor for the audit of accounts of the current year; (c) consideration of the audit report and audited financial statements for the preceding cooperative year; (d) consideration and decision on the compliance report submitted by the board regarding the rectification of defects and remedying the irregularities pointed out in the audit report of the preceding cooperative year; (e) disposal of the surplus or net profits of the preceding cooperative year] 1 1.Substituted by Act 4 of 2013 w.e.f. 11.02.2013. (b) 1 [XXX] 1 (c) 1 [XXX] 1 (d) 1 [XXX] 1 (e) 1 [XXX] 1 1.Omitted by Act 4 of 2013 w.e.f. 11.02.2013. (f) review of operational deficit, if any; (g) approval of the long term perspective plan and the annual operational plan; 1 [(h) approval of the annual budget for the next cooperative year] 1 1.Substituted by Act 4 of 2013 w.e.f. 11.02.2013. (i) creation of specific reserves and other funds as specified in the bye-laws; (j) review of actual utilisation of reserve and other funds; 1 [(k) review of the use of the services of the cooperative by the directors of the board; (k-1) consideration of the loans and advances made to the directors and their relatives, the defaults, if any, and the action taken for recovery thereof; (k-2) amalgamation, division, merger, transfer of assets and liabilities; (k-3) decision on bad debts considered as irrecoverable; 3[(k-4) Review of the list of board of directors who have borrowed loans from the cooperative and other top twenty defaulting borrowers.]3 2[XXX]2] 1 1.Substituted by Act 4 of 2013 w.e.f. 11.02.2013.