Gujarat Co-operative Societies Act, 1961
(1) Every society shall, within a period of three months next after the date fixed for drawing up its accounts for the year under the rules for the time being in force, call a general meeting of its members : Provided that, the Registrar may, by general or special order, extend the period for holding such meeting for a further period not exceeding three months : Provided further that, if in the opinion of the Registrar no such extension is necessary, or such meetings is not called by the society within the extended period, if any, the Registrar or any person authorized by him in that behalf may in the prescribed by the manner call such meeting which shall be deemed to be a general meeting duly called by the society. (2) At every annual general meeting a society, the committee shall lay before the society a balance sheet and profit and loss account for the year in the manner, prescribed by the Registrar by general or special order for any class or classes of societies. Explanation.— In the case of society not carrying on business for profit an income and expenditure account shall be placed before the society at the annual general meeting instead of profit and loss account; and all references to profit and loss account, and "profit" or "loss" in this Act, shall be construed in relation to such society as references respectively to the "excess of income over expenditure" and "excess of expenditure over income". (3) There shall be attached to every balance sheet laid before the society in general meeting, a report by its committee, with respect to (a) the state of the society's affairs; (b) the amounts, if any, which it proposes to carry to any reserve either in such balance sheet, or any specific balance sheet; and (c) the amounts, if any, which it recommends for payments by way of dividend, bonus, or honorary workers. The committee's report shall also deal with any changes in the nature of the society's business which have occurred during the year for which the accounts are drawn up. The committee's report shall be signed by its Chairman, or any other member authorized to sign on behalf of the committee. (4) At every annual general meeting, the balance sheet, the profit and loss account, the auditor's report and the committee's report, shall be placed for adoption, and such other business will be transacted as may be laid down in the bye-laws and of which due notice has been given. (5) Where any officer of the society, whose duty it was to call a general meeting within the period specified in sub-section (1) or, as the case may be, the period extended by the Registrar under that sub-section or to comply with sub-section (2), (3) or (4) fails without reasonable excuse to call such meeting or to comply with sub-section (2), (3) or (4), then— (i) if such officer is a servant of the society, the Registrar may by an order in writing impose on him a penalty of an amount nor exceeding one hundred rupees, and (ii) if such officer is not a servant of the society, the Registrar may by an order in writing declare such officer to be disqualified for being an officer or a member of the Committee, of the society or for being elected or appointed to any officer of the society, for such period not exceeding three years as he may specify in the order :