Amendment status not verified — confirm the current text below against the official source.
Annual general meeting :- Annual general meeting of a co-operative society shall (1) Substituted by Punjab Act 14 of 2014 ies be called by the Chairman or in his absence by the Vice Chairman within a period of six months of close of the financial year every year for the purpose of - (a) approval of the programme of the activities of the society prepared by the committee for the ensuing year; (b) election, if any, of the members of the committee other than nominated members ; (c) consideration of the audit report and the annual report; (d) disposal of the net profits ; (e) appointment of auditor or auditing firm; (f) information regarding admission and termination of members; (g) information regarding amendment of bye-laws registered in the previous year; (h) consideration of any inspection report under section 49 of this Act and any inquiry report under section 50 of this Act and action taken thereon by the concerned authority; (i) information regarding instructions issued by the Registrar under rule 45 of the Punjab State Co-operative Societies Rules, 1963; (j) information regarding transfer or lease or mortgage of immovable assets of the co-operative society; (k) consideration of the loans and advances made to the members of the committee and their relatives, the defaults, if any, and the action taken for recovery thereof; and (I) consideration of any other matter which may be brought forward in accordance with the bye-laws : Provided that if the Chairman or the Vice Chairman, as the case may be, fails to hold an annual general meeting within the specified period, he shall, after affording an opportunity of being heard, be liable to be removed from the office after the expiry of the specified period: Provided further that in such a case the Registrar shall hold such meeting either by himself or through an officer authorized by him and such meeting shall have the same effect as if it was convened by the Chairman or Vice Chairman himself: Provided further that where the committee of any co-operative society has divided the area of operation of the society into zones in the manner laid down in sub-section (1-A) of section 26, election of the members of the committee may not be held in general meeting.] SECTION - 25