Short Answer

The committee must include the auditor's report, profit and loss account, balance sheet, and other relevant financial statements when presenting accounts at the Annual General Meeting (AGM).

Detailed Explanation

Section 34 of the Gujarat Cooperative Societies Act, 1961 mandates that when the committee presents accounts at the AGM, it must include the auditor's report, profit and loss account, balance sheet, and any other financial statements as required. The auditor's report provides an independent assessment of the financial health and accuracy of the cooperative society's accounts. The profit and loss account shows the income and expenses incurred during the financial year, while the balance sheet provides a snapshot of the cooperative society's financial position at a specific point in time.

In practice, this requirement ensures transparency and accountability in the financial management of cooperative societies. By presenting these financial documents at the AGM, members can assess the financial performance and position of the society, enabling informed decision-making. Failure to include these essential documents can lead to legal non-compliance and may raise doubts about the financial integrity of the society.

Real-world Scenarios

• Example 1: During the AGM of a cooperative housing society, the committee presents the accounts without the auditor's report. Members raise concerns about the lack of independent verification of the financial statements, highlighting the importance of including the auditor's report for transparency.

• Example 2: A cooperative credit society fails to include the balance sheet in the accounts presented at the AGM. This omission leads to confusion among members regarding the society's financial health and assets, emphasizing the significance of providing a comprehensive financial overview.

Reference

• Section 34 of the Gujarat Cooperative Societies Act, 1961: [Official PDF]