The Annual General Meeting (AGM) is one of the most important events in a cooperative housing society’s calendar. It ensures transparency, accountability, and collective decision-making by members. The Maharashtra Cooperative Societies Act, 1960 (MCS Act) and the model bye-laws clearly define the time-frame for issuing AGM notices, recording minutes, and holding the meeting within the statutory deadline. Non-compliance may invite penalties or administrative intervention from the Registrar.
Notice Period for AGM
As per Bye-law No. 94, the Managing Committee (MC) must issue a 14-day clear notice to all members before holding the AGM.
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The notice must include the agenda, venue, date, and time of the meeting.
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Copies of the notice must also be sent to the Registrar and the federation to which the society is affiliated.
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“Clear notice” means the days of posting and the meeting day are excluded from the 14-day count.
This ensures that all members have adequate time to prepare, review accounts, and raise relevant issues before the meeting.
Recording and Circulation of AGM Minutes
The managing committee must ensure proper recording and circulation of AGM minutes as follows:
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Draft minutes must be prepared within three months from the date of the AGM.
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The draft minutes are to be circulated among members within 15 days of the meeting in which the draft is finalised.
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Members are allowed 15 days to send their observations or objections to the draft minutes.
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After considering these observations, the committee shall finalise the minutes, and the secretary must record them in the minutes book.
This structured process promotes accuracy, transparency, and proper documentation of all society decisions.
Deadline for Holding the AGM
Under Section 75 of the Maharashtra Cooperative Societies Act, 1960, the society must hold its AGM within six months from the close of the financial year, which makes September 30 the final deadline.
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Normally, no extension is permitted beyond this date.
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However, in exceptional circumstances, the Registrar may grant an extension, citing valid reasons.
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Such extensions were allowed in special cases like the COVID-19 pandemic, where societies were granted additional time (up to 12 months) to hold their AGMs for FY 2020 and FY 2021.
Failure to hold the AGM within the stipulated time may result in:
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Disqualification of the existing committee members.
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Appointment of an Administrator by the Registrar.
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Possible penalties under the provisions of the MCS Act.
Conclusion
To ensure smooth functioning and compliance, every housing society should follow the prescribed time-frame: issue the AGM notice 14 days in advance, finalise and circulate minutes promptly, and ensure the meeting is held before September 30 each year. Only the Registrar has the authority to extend this deadline under exceptional conditions. Timely adherence to these procedures not only upholds the society’s governance but also safeguards the interests of all its members.
