Short Answer

Yes, audit reports and minutes from the registrar's inquiries are made available to members.

Detailed Explanation

Section 81 of the Gujarat Cooperative Societies Act, 1961 states that every cooperative society shall maintain proper accounts and shall prepare an annual statement of accounts. This means that audit reports are a crucial part of the cooperative society's documentation and are essential for transparency and accountability. In practice, audit reports are typically presented at the annual general meeting of the society, where members have the opportunity to review and discuss the financial health of the society.

Furthermore, Rule 87 of the Gujarat Cooperative Societies Rules, 1965 mandates that a copy of the audit report shall be sent to the Registrar within 14 days of its receipt by the society. This ensures that the regulatory authority is also informed about the financial status of the society. Real-world scenarios include members reviewing the audit reports to assess the performance of the society, identify any financial irregularities, and make informed decisions regarding the management of the society.

In the case of registrar's inquiries, Section 61 of the Gujarat Cooperative Societies Act, 1961 empowers the registrar to conduct inquiries into the affairs of a cooperative society. The minutes of such inquiries are crucial documents that provide insights into any irregularities or issues identified during the investigation. These minutes are typically made available to the members to ensure transparency and accountability in the functioning of the society.

Practical Examples

• During the annual general meeting of a cooperative housing society, the treasurer presents the audit report for the previous financial year. Members review the report to understand the income, expenses, and overall financial health of the society.

• In a cooperative credit society, the registrar conducts an inquiry into allegations of financial mismanagement. The minutes of the inquiry are shared with the members to keep them informed about the findings and actions taken.

References

• Section 81 of the Gujarat Cooperative Societies Act, 1961

• Rule 87 of the Gujarat Cooperative Societies Rules, 1965

• Section 61 of the Gujarat Cooperative Societies Act, 1961