State Act

The Punjab Self-Supporting Co-operative Societies Act, 2006

35. The general body of a self-supporting co-operative society shall subject to the provisions of this Act, perform the following functions and duties, namely :— (a) election and removal of Directors ; (b) consideration of the budget ; (c) consideration of the annual report of activities, audited financial statements of accounts and the auditors’ report relating to the previous financial year ; (d) consideration of the report on deviations if any, from the approved budget relating to the previous financial year ; (e) disposal of surplus and management of deficit relating to previous financial year ; (f) creation and utilization of reserve fund and other funds ; (g) review of the report on the attendance of the meetings of the Board attended by the Directors ; (h) review of the use of the services rendered by the self-supporting co-operative society ; (i) review of the remuneration paid to any of the Director and internal auditor in connection with duties performed by him ; (j) review of the activities relating to education and training of members, Directors and staff of a self-supporting co-operative society ; (k) appointment of auditors and fixing their remuneration ; (l) consideration of making amendments of bye-laws ; (m) consideration of membership of a self-supporting co-operative society ; (n) collaboration, formation of subsidiary units and partnership with other self-supporting co-operative societies or co-operative societies; or any other organizations ; (o) amalgamation, division, merger or transfer of assets and liabilities and conversion of a self-supporting co-operative society into another self-supporting co-operative society ; (p) dissolution of a self-supporting co-operative society ; (q) consideration of the Registrar’s report of inquiry; and (r) consideration of any other matter, which the Board may deem necessary to be considered by the general body.