Short Answer

The society must preserve annual records and minutes for a minimum of 8 years before they can be destroyed.

Detailed Explanation

Section 75 of the Gujarat Cooperative Societies Act, 1961 mandates that every society should maintain its books and accounts for at least 8 years from the date of preparation. This means that all financial records, minutes of meetings, resolutions passed, and other important documents must be retained for a minimum of 8 years. In practice, this ensures transparency, accountability, and compliance with legal requirements.

For example, if a cooperative housing society holds its Annual General Meeting (AGM) on 1st April 2021, it must preserve the minutes, financial statements, audit reports, and other relevant records until at least 31st March 2029. Failure to comply with this provision can lead to penalties and legal consequences.

Another crucial aspect is the preservation of records for audit and inspection purposes. By retaining records for 8 years, societies can facilitate audits, investigations, and inquiries by regulatory authorities or members. This process helps in verifying financial transactions, decision-making processes, and adherence to statutory provisions.

In real-world scenarios, societies may face challenges in maintaining physical records due to space constraints or deterioration over time. Therefore, digital storage solutions or off-site archival facilities can be utilized to ensure long-term preservation and easy access to records when required.

To follow the prescribed timeline for record retention, societies should establish a systematic filing system, clearly label documents, and regularly review and update their record-keeping policies. By adhering to these practices, societies can safeguard their historical data, protect members' interests, and demonstrate good governance.

References

• Section 75 of the Gujarat Cooperative Societies Act, 1961: Official PDF