Part IXB - Co-operative Societies • Article

Article 243ZN Simplified: Convening of general body meetings

Article 243ZN directs state legislatures to make laws requiring every cooperative society to convene its annual general body meeting (AGM) within six months of the close of the financial year to conduct its official business.

Official Text

The Legislature of a State may, by law, make provisions that the annual general body meeting of every co-operative society shall be convened within a period of six months of close of the financial year to transact the business as may be provided in such law.

Simple Meaning

Explain Like Ten

Every year, within six months of closing their money books, the cooperative must hold a big meeting for all its members to discuss and vote on official business.

Student Mode

Example

A cooperative credit society closes its financial year on March 31. Under this article and state law, the board must issue a notice and hold the Annual General Body Meeting before September 30 to present its annual budget and declare dividends.

Key Takeaway

Article 243ZN ensures democratic member participation by mandating regular annual general body meetings within fixed timelines.

FAQs

Within what timeframe must a cooperative society hold its Annual General Meeting (AGM)?

The AGM must be convened within a period of six months from the close of the financial year.

What is the purpose of the annual general body meeting in a cooperative?

It allows all members to exercise democratic control by transacting official business, reviewing audits, and making major decisions.

Quiz

What is the deadline for convening a cooperative's annual general body meeting?

Answer: Within 6 months of the close of the financial year

Who has the power to define the business transacted at the annual general body meeting?

Answer: The State Legislature by law