Statutory obligations on the close of financial year in housing societies
By Legal Bureau
STATUTORY OBLIGATIONS ON THE CLOSE OF CO-OPERATIVE YEAR
The Co-operative year 2019-2020 is coming to a close on 31st March, 2020 All Co-operative Housing Societies will have to attend to the functions to be carried out after the close of the Co-operative year. For the benefit of societies, we summaries the same as follows.
1. Close accounts of the society on 31st March 2020.
2. Prepare Receipts & Payments Statement and Income & Expenditure Account for proceeding Co-operative year as at 31st March, 2020 before May 15.
3. Submit copies of statements of accounts to the Deputy Registrar, C. S. of your ward and the auditor of the society by May 31.
4. If the time schedule is not likely to be adhered to, apply for extension of time for finalisation of accounts before May 15, with a copy of the Managing Committee resolution, justifying extension of time to the Deputy Registrar/Asst. Registrar of the ward.
5. Hold Annual General Meeting of the society on or before August 14.
6. If holding of the Annual General Meeting within the stipulated period is not possible, apply for extension of time to the Deputy Registrar of the ward before August, 14th, along with a copy of Managing Committee resolution explaining reasons for not being able to hold the meeting in time. Note that the maximum extension of time can be granted upto 14th November Stamp of Rs.1, is to be fixed on the application.
7. Also note the society has no authority to convene Annual General Meeting after August 14, if no extension is sought for or an extension is sought for, but or not granted or meeting is not held within the extended time.
8. Each member should have notice of the meeting of such period is mentioned in the old bye-law No.37, read with bye-law No.37, read with bye-law No.82(1) the relevant new buy-law in respect of flat owner’s society is100 read with bye-law No. 166, and in respect of Open Type of societies the relevant New bye-law is 102 read with bye-law no. 169).
9. Start Business of the meeting, if there is quorum as prescribed under old bye-law No.38 (New bye-law in respect of Flat owner’s society is 101 and in respect of open type of society is 103) if there is no quorum, follow procedure as laid down in bye-law No.38 (old).(The relevant new Bye-laws are Nos.101, 102, 103)
10. Do not postpone Annual General Meeting for want of statutory audit. Place before Annual General Meeting Statements of Accounts as finalised by the Managing Committee. The Annual General Meeting could accept them, subject to audit.