Important Statutory Provisions of the ACT

Some of the important Sections of The Goa Co-op. Societies Act, 2001

Section 21: Person who may become a member

Any person, who needs the services of the society, accepts the responsibilities of membership and fulfills such other conditions as may be specified in the bye-laws of the society, may be admitted as a member.

Section 66: Election to the Board of Directors of society

The elections of the Board of Directors of all the societies shall be conducted by Registrar in such a manner as may be prescribed. However, Societies having paid-up share capital of less than rupees twenty-five lakhs may hold their election in accordance with their bye-laws and election rules.

Section 72: Meeting and minutes

The board shall meet at least once in every three months to transact its business. Annual General Body Meeting shall be convened in each co. operative year. Minutes of the meetings shall be recorded in the separate minute book.

Section 74: Audit

The accounts of the Co-op. a society shall be got audited by the auditor from the panel of auditors constituted by the Registrar. The accounts of the State-aided societies and other societies with paid-up share capital exceeding one lakh as may be notified by the Registrar from time to time shall be got audited from the auditor appointed by the Registrar from amongst the departmental auditors or the panel of auditors.

Section 77: Inquiry

The Registrar may of his own motion, and shall, on the application of a Federation to which the society concerned is affiliated, or of a creditor to whom the society is indebted or of not less than one-third of the directors or of not less than one-tenth of the members, cause an inquiry to be made into the specific matter or matters relating to any gross violation of any of the provisions of the Said Act. Within a period of 30 days from the date of completion of the inquiry, the report is to be communicated to the concerned parties.

Section 81: Filing of Returns

Every year, within thirty days from the date of holding of the Annual General Meeting, every society shall file the following documents with the Registrar along with the filing fees as may be prescribed:-

  1. Annual audited or unaudited statement of accounts;
  2. Report of the board of directors.
  3. Auditors report;
  4. Audit rectification report, if any;
  5. Notice convening the annual general meeting;
  6. Name and address of the directors and their terms of office;
  7. List of the amendment to the bye-laws, if any;
  8. Declaration regarding the date of holding of the general meeting and number of members who attended such meetings.

Section 83: Settlement of disputes –

Notwithstanding anything contained in any other law for the time being in force, any dispute touching the constitution, elections of the board of directors or its office bearers, conduct of general meeting management or business of a society shall be referred by any of the parties to the dispute, to a Co-operative Authority.

Section 90: Appeal against award under section 89 and order under section 88 –

Any party aggrieved by an award of the Coop. The authority under section 89 or order passed under section 88 may within two months from the date of award, decision or order, as the case may be, appeal to the Co-operative Tribunal.

Chapter - XI -

Special provisions for Co-operative Housing Societies - Provisions under Section 101 to section 113 of this chapter are exclusively for Housing Societies.