Amendment status not verified — confirm the current text below against the official source.
Annual General Meeting.-(1)Every Society shall within three months before the close of financial year call a general meeting of its members for the following purposes of- (a) approval of the programme of the activities of the society prepared by the committee for the ensuing year; (b) Election, if fallen due, of the members of the committee. Explanation.- Election of the committee shall be deemed to have fallen due, if the term of the committee comes to an end within a period of three months from the date of the annual general meeting. (c) consideration of the audit report, if received and the annual report; (d) disposal of the net profit; (e) consideration of any other matter which may be brought forward in accordance with the byelaws; and (f) presenting the budget for the next co-operative year; 40 Provided that the Registrar may, save the meeting in which elections are to be held on expiration of the term of the committee specified in sub-section (7-A), extend the period for holding such meeting, by a further period not exceeding three months: Provided further that in respect of a society where an order of liquidation has been issued under Section 69, annual general meeting shall not be necessary to be called. (1-A) The election of the members of the Committee, Chairman, Vice- Chairman, President, Vice-President and representatives, if any shall be conducted by the Returning Officer in the prescribed manner. (2) Notice of such meeting shall be sent to the Deputy/Assistant Registrar of the district in which the society is situate, at least fourteen clear days before the date of the meeting. (3) The Deputy/Assistant Registrar may himself attend such meeting or depute any officer subordinate to him to attend it. (4) The Deputy/Assistant Registrar or the officer deputed by him, shall have the right to address the meeting in respect of any matter pertaining to the subjects specified in clauses (a), (c), (d) and (e) of sub-section (1). (5) If default is made in calling general meeting within the period prescribed therefor under sub-section (1) or in complying with the requirement of sub-section (1), the Registrar may, by order, declare any officer whose duty it was to call such meeting or comply with the provisions of sub-section (1) and who without reasonable excuse failed to comply with any of the provisions of aforesaid sub-section, to be disqualified for being elected or being in office for such period not exceeding three years, as he may specify in such order and if the officer is an employee of the society impose a penalty on him of any amount not exceeding five thousand rupees: Provided that no order shall be made under this sub-section unless the person concerned is given a reasonable opportunity of being heard by an officer not below the rank of Joint Registrar of Co-operative Societies. (6) If the byelaws of a society provides for election of all or some members of the committee on territorial basis, such members of the committee shall be elected from the area in a meeting of the members of that area in accordance with the provisions of the byelaws on a date prior to that of general meeting. The results thereof shall be affixed on the notice board of the society and also at the place of the general meeting prior to the commencement of the proceedings in annual general meeting. (7) At every annual general meeting of a society, the committee shall lay before the society a statement showing details of loans or advances, if any, outstanding during the proceeding years, in the name of the members of the committee, their family members and near relations. Explanation.-For the purpose of sub-section(7) family members shall include wife, husband and dependent children. (7-A)(i) The term of the committee shall be five years from the date on which first meeting of the committee is held: Provided that where a committee superseded, suspended or removed under the Act is reinstated as a result of any order of any court or authority, the period during which the committee remained under supersession, suspension out of office as the case may be, shall be excluded in computing the period of the term aforesaid. 41 (ii) The term of the representative elected by the committee of the society shall be co-terminus with the term of the committee of the society for which representative is elected: Provided that the representative of a committee shall continue to hold his office till the expiry of the term of the committee of which he is a member. (7-AA) The State Government may, by notification, for reasons to be stated therein, extend the term of the committee of a society or a class of societies from time to time, for a total period not exceeding twelve months/thirty six months. (7-AAA) Notwithstanding the expiry of the maximum period of eighteen months specified in sub-section (7-AA), in respect of the committees between the period commencing on the 7th May, 1988 (hereinafter referred to as the said date) and ending on the date of publication of the Madhya Pradesh Co- operative Societies (Amendment) Ordinance, 1988, in Gazette the period in respect of such Committees shall be deemed to have been extended for a period of six months with effect from the said date as if the notification for the extension of the period were issued under sub-section (7-AA) on the said date. (8)(i) It shall be obligatory on the outgoing committee of the society to hold elections prior to the expiration of the term under sub-section (7-A) or extended term under sub-section (7-AA). The outgoing committee shall apply to the Registrar for holding election within a reasonable time which shall not be in any case less than ninety days before expiration of the term of the committee: Provided that if the outgoing committee has resolved and requested the Registrar to hold election at least ninety days in advance and the Registrar has failed to conduct elections on its request, the Registrar shall not assume charge of the committee and the members of the committee shall continue to hold the offices: Provided further, that if the Registrar fails to conduct elections of the committee within ninety days from the date of expiry of the term of the committee, the committee of the society shall appoint returning officer who shall conduct the election of the committee within 180 days from the date of the expiry of the term. (ii) If the committee fails to hold election and has not handed over the charge on expiration of the term, under sub-section(7-A) or extended term under sub-section (7-AA) to the Registrar or any officer authorized by him on his behalf, all the members of the committee shall be deemed to have vacated their seats and the Registrar shall assume charge and hold election as early as possible. (9)(a) Every society shall record in the minutes book, the minutes of all the proceedings of every general meeting and all other meetings of its committee. (b) Such minutes shall be circulated to all the persons invited for the meeting, within thirty days from the conclusion of the meeting. (c) The minutes so recorded shall be signed by the person who presided over the said meetings. (10) Omitted 49-A Omitted 49-B. Annulment of proceedings of society by successor committee.- Notwithstanding anything contained in this Act or the rules made thereunder and byelaws of a society, any resolution passed by a committee shall not be 42 modified or annulled by the successor committee without the previous sanction in writing of the Registrar. 49-C. Government's powers to give directions in public interest, etc.-(1) If the State Government, on receipt of a report from the Registrar or otherwise is satisfied that in the public interest or for the purpose of securing proper implementation of cooperative production and other development programmers approved or under taken by Government, or to secure the proper management of the business of the society generally, or for preventing the affairs of the society being conducted in a manner detrimental to the interests of the members or of the depositors or the creditors thereof, it is necessary to issue directions to any class of societies generally or to any society or societies in particular, the State Government may issue directions to them from time to time, and all societies or the societies concerned, as the case may be, shall be bound to comply with such directions. (2) The State Government may modify or cancel and directions issued under sub-section (1), and in modifying or canceling such directions may impose such conditions as it may deem fit. (3) Where the Registrar is satisfied that any person or committee responsible for complying with any directions or modified directions issued to a society under sub-section (1) or (2) has failed without sufficient reason or justification to comply with the directions, the Registrar may- (i) in case of a committee, proceed against such committee in accordance with the provisions of section 53; and (ii) in case of a person, if the person is a member of committee of the society or an employee of the society, proceed against such person in accordance with the provisions of Section 53-B or the rules framed under sub- section (1) of section 55 as the case may be: Provided that directions involving financial losses to the societies will be given only with prior consent of the committee, of such society and, where necessary, of National Financial Institutions, as well as after making the provision and advance allotment for compensating such losses fully. 49-D. Registrar's power to give directions to make regulations.-(1) If the Registrar is of the opinion that, having regard to the financial condition of the society and financial interest of Government therein, it is necessary to regulate the manner of carrying on its trade or business, he may, subject to any rules made in this behalf, direct such society to make regulations in that behalf and forward them to him for approval. (2) On receipt of the regulations made by the society, the Registrar may approve them with or without modifications. On approval of such regulations, the society shall carry on its business in accordance with regulations. (3) If any society fails to forward such regulations to the Registrar when directed by him under sub-section (1) within a period of three months from the date on which the direction is given, the Registrar shall himself make or cause to be made such regulations and require the society to carry on its business in accordance with such regulations and thereupon the society shall be bound to comply with such requirement: Provided that the provisions of this section shall be applied to the co-operative credit structure by the Registrar in accordance with the guidelines laid down by the National Bank for this purpose. 43 49-E. Appointment of Managing Director and Chief Executive Officer in certain circumstances.-(1)(a) Notwithstanding anything contained in this Act or rules or byelaws made thereunder for any Apex Society where the State Government has contributed to it share capital or has given loans or financial assistance or has guaranteed the repayment of loans granted in any other form, there shall be a Managing Director, not below the rank of class I Officer, who shall be selected by a committee constituted at the State level consisting of the Agriculture Production Commissioner, Chairman of the Apex Society, Registrar Co-operative Societies and one Director nominated by the Board of Apex Society : Provided that if the committee fails to select the Managing Director unanimously, the matter shall be referred to the State Government whose decision thereon shall be final: Provided further that in case of State Co-operative Bank, the Chief Executive Officer shall be appointed by the Board of Directors of the Bank as per the guidelines issued by the Registrar in accordance with the criteria stipulated by the Reserve Bank. (b) The Managing Director shall be ex-officio member of the committee. (2)(a) Notwithstanding anything contained in this Act, or the Rules or byelaws made thereunder for every Central society where the State Government has contributed to its share capital or has given loans or financial assistance or has guaranteed the repayment of loans, debentures, or advances or has given grants in any other form, there shall be a Managing Director or a General Manager not below the rank of Class II Officer who shall be the Chief Executive Officer of the society and ex-officio member of the committee: (b) The Chief Executive Officer shall be appointed:- (i) from among the Officers of the cadre maintained under Section 54 if such a cadre has been created; (ii) in other cases with the prior approval of the Registrar: Provided that in case of a Central Co-operative Bank, the Chief Executive Officer shall be appointed by the Board of Directors of the Bank as per the guidelines issued by the Registrar in accordance with the criteria stipulated by the Reserve Bank. (c) The Chief Executive Officer shall perform such duties and exercise such powers as may be prescribed. (3) The Chief Executive Officer of a Co-operative Bank shall have such qualifications as may be specified by the Registrar in accordance with the guidelines issued by the Reserve Bank.