Short Answer

Yes, societies are required to present the audited balance sheet and accounts at the Annual General Meeting (AGM).

Detailed Explanation

Section 81 of the Gujarat Cooperative Societies Act, 1961 mandates that every cooperative society shall maintain proper accounts and prepare an annual balance sheet. Rule 100 of the Gujarat Cooperative Societies Rules, 1965 further specifies that the balance sheet and accounts must be audited by a qualified auditor appointed by the society.

In practice, this means that before the AGM, the society must ensure that the balance sheet and accounts are audited by a qualified auditor. At the AGM, these audited financial statements must be presented to the members for their review and approval. This is crucial for transparency and accountability within the society.

Real-world Scenarios

• Example 1: XYZ Cooperative Housing Society holds its AGM annually. Before the meeting, they engage a qualified auditor to audit their financial records. At the AGM, the audited balance sheet and accounts are presented to the members for scrutiny and approval.

• Example 2: ABC Credit Cooperative Society follows the legal requirement by presenting the audited financial statements at their AGM. This practice ensures that members have access to accurate financial information about the society's operations.

Overall, the presentation of audited balance sheets and accounts at the AGM is a fundamental requirement to ensure financial transparency and accountability within cooperative societies.

References

• Section 81 of the Gujarat Cooperative Societies Act, 1961

• Rule 100 of the Gujarat Cooperative Societies Rules, 1965