Short Answer

The new committee must receive all previous records within 15 days after the elections.

Detailed Explanation

Section 73 of the Gujarat Cooperative Societies Act, 1961 mandates that the outgoing committee of a cooperative society must hand over all records, books, and funds to the newly elected committee within 15 days from the date of the election. This includes financial statements, audit reports, membership records, and any other relevant documents. Failure to comply with this provision can result in penalties or legal action against the outgoing committee members.

In practice, this requirement ensures a smooth transition of responsibilities and accountability from the old committee to the new one. It helps maintain transparency and continuity in the functioning of the cooperative society. For example, if the outgoing committee delays handing over the records, it can impede the new committee's ability to effectively manage the society's affairs, leading to potential conflicts and disruptions in operations.

Real-world Scenarios

• Scenario 1: After the annual elections of a housing cooperative society, the outgoing committee delays transferring the financial records to the newly elected committee. As a result, the new committee faces challenges in preparing the budget for the upcoming year and verifying the society's financial health.

• Scenario 2: In a farmers' cooperative society, the outgoing committee fails to provide the membership records to the new committee within the stipulated time frame. This hinders the new committee's ability to communicate with all members and involve them in decision-making processes.

• Scenario 3: A credit cooperative society experiences a dispute between the old and new committees regarding the handover of audit reports and loan records. This conflict delays the implementation of new financial strategies and affects the society's credibility among its members.

Reference

• Section 73 of the Gujarat Cooperative Societies Act, 1961: Official PDF