What is the maximum time limit for a co-operative society to conduct its annual general meeting after the close of the financial year?​

Correct option is A

The correct answer is (a) 6 months.

• As per the Co-operative Societies Act, 1912 and various state-specific cooperative laws, a co-operative society must hold its Annual General Meeting (AGM) within 6 months from the end of its financial year.

• The financial year for most co-operatives ends on March 31, and hence the AGM must be conducted no later than September 30 of the same year.

• This regulation ensures that the society is accountable to its members and maintains transparency regarding its financial health and operational activities.

Information Booster:

• Article 10 of the Model Bye-laws for Co-operative Societies specifies that the AGM must be held within six months after the close of the financial year.

• In case of failure to conduct the AGM within the stipulated time, the co-operative society could face penalties, and the society’s management may be subjected to scrutiny under relevant provisions.

• The Co-operative Societies Act (as amended in various states) and Section 42 of the Act also outline the requirements for the AGM, including the need for approval of accounts and election of office bearers.

• Co-operatives are required to submit their audited accounts and financial reports before the AGM, which provides members with necessary information to make informed decisions.