Short Answer

If the committee fails to convene the Annual General Meeting (AGM) on time, penalties may be imposed.

Detailed Explanation

Section 73 of the Gujarat Cooperative Societies Act, 1961 addresses the consequences of not holding the AGM on time. It states that if the committee fails to convene the AGM within the prescribed timeframe, the Registrar may impose penalties on the society. The penalties can vary depending on the severity of the delay and may include fines or other disciplinary actions.

Furthermore, Rule 75 of the Gujarat Cooperative Societies Rules, 1965 provides more specific guidelines regarding the penalties for not holding the AGM on time. It outlines the procedures for imposing fines and other punitive measures on the society and its committee members responsible for the delay. The rule ensures accountability and compliance with the statutory requirements for conducting the AGM.

In practice, if the committee fails to convene the AGM on time, the Registrar may issue a notice to the society highlighting the non-compliance and specifying the penalties. The society and its committee members would then be required to rectify the situation by holding the AGM promptly and paying any fines imposed.

Real-world Scenarios

• Scenario 1: XYZ Cooperative Society fails to conduct its AGM within the stipulated timeframe. The Registrar issues a notice imposing a fine on the society for the delay.

• Scenario 2: ABC Cooperative Society's committee members are found responsible for the delayed AGM. They are penalized individually as per the provisions of the Act and Rules.

Overall, the provisions in the Gujarat Cooperative Societies Act and Rules ensure that the AGM is held timely to promote transparency and accountability within cooperative societies.

References

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

• Rule 75 of the Gujarat Cooperative Societies Rules, 1965: [Official PDF]