Maharashtra Laws Governing AGMs Of Housing Societies
AGMs Of Housing Societies- The bye-laws in Maharashtra specify the requirements for having AGMs, the quorum needed to conduct business at such meetings, and the consequences for members who fail to show up.
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Timeframe for holding the AGM and the required amount of notice
Every cooperative housing society in Maharashtra is required to have an annual general meeting (AGM) before September 30 in accordance with the model byelaws for cooperative housing societies. The housing society’s committee is in charge of seeing that the AGM takes place within the allotted time. The society’s secretary must affix his or her signature to the notice calling the AGM. Without giving the members a 14-day notice, the society’s AGM cannot be called. The date of issuance of the notice and the date of the meeting must not be included when calculating the 14-day period. Once called, an AGM cannot be deemed invalid unless the cooperative court issues a declaration that the meeting is invalid.
AGM’s quorum
The law requires a certain minimum number of members, known as the “quorum,” to be present in order to undertake business at the AGM. The quorum for the AGM shall consist of at least two-thirds of the total number of members, subject to a maximum of twenty. Small societies thus occasionally struggle to maintain the quorum. Even a tiny percentage of the total membership in large societies can add up to 20 people present at the meeting and establish a quorum.
The meeting will be adjourned if the necessary quorum is not present within 30 minutes of the scheduled time, either to a later hour on the same day or to another date that cannot be more than 30 days from the original date of the AGM. There is no need for a quorum at the adjourned meeting. However, the mere presence of one person at the adjourned meeting will still not qualify as a meeting. Therefore at least two members must be present for it to be considered an adjourned meeting.
Transactions to be made at the AGM
The main goals of a society’s annual general meeting are for the members to adopt. And approve the society’s annual financial statements and to hear an annual report on the society’s operations. At the AGM, the society’s auditors are also chosen. The AGM may also discuss any other matters. Even if they are not mentioned in the notice, in addition to the business listed above.
However, unless adequate notice has been given. The members are not permitted to discuss any of the following matters at the AGM:
- Amendment of the bye-laws of the society
- Transfer of property of the society
- Expulsion of members of the society
- Bifurcation, amalgamation, or division of the society
Transfer of the Society’s Property
The general meeting of the society may be postponed if only a portion of the items on the agenda are completed. The new date must not be more than 30 days after the original AGM and be selected by the members present.
What if a member fails to attend the AGM?
The Maharashtra government repealed the “inactive member” clause in Section 26 of the Maharashtra Cooperative Societies Act, 1960, in August 2021. As a result, everyone who is eligible to vote in the society’s elections can do so. Regardless of whether they attended general body meetings or not, on or before March 31, 2022.
With this change, the 2018 decision that ‘inactive members’ cannot vote or run for office in housing society elections is no longer valid. Section 26 of the Maharashtra Cooperative Societies Act, 1960. Which specified that any member of the society who has not attended five consecutive general body meetings would be deemed a “inactive member,” was amended by the Maharashtra government in 2018. He would thus forfeit his membership privileges, including the ability to run for office and cast ballots.
Can a nominee attend the AGM?
A nominee is not permitted to go to a housing society’s annual general meeting. Additionally, he is not permitted to make any resolution proposals or cast any votes in favour of resolutions during the society’s annual general meeting.
Can a co-owner attend the AGM?
If there are multiple co-owners of a flat, the AGM may only be attended by the co-owner whose name appears first on the share certificate. In the event that he is unable to attend. The person whose name appears second may do so with the first co-owner’s written consent. You should be aware that no other proxy or agent. With power of attorney is permitted to attend an AGM on behalf of a society member.
What happens after the AGM?
Following the AGM, the committee must complete the draught minutes within three months of the meeting’s date and distribute them to all society members within 15 days. The final minutes will be completed once all members have approved them. The cooperative court will hear disputes involving the managing committee’s and the general body’s resolutions.
Housing associations are required to keep their FDs at the Mumbai District Central Co-operative Bank
As the Nodal Agency & coordinator between the Maharashtra Government and housing societies, the Mumbai District Central Co-operative Bank was chosen. The Divisional Joint Registrar, Co-operative Societies, Mumbai, issued a circular on June 1, 2023. In accordance with the Maharashtra Co-operative Societies (MCS) Act. According to the relevant parts of the MCS Act, the circular required all housing societies to open. And maintain Fixed Deposit (FD) accounts with the Mumbai District Central Co-operative Bank Ltd.
Housing societies in Mumbai are exempt from co-operative bank interest: ITAT
The Income-tax Tribunal (ITAT), Mumbai Bench, has decided that interest from investments made in cooperative banks. Will be deductible in the hands of cooperative housing societies in Mumbai. As it stands, the income of a cooperative housing society that is earned through interest or dividends with another cooperative housing society is entirely deductible under Section 80P (2)(d) of the Income Tax Act. The income tac department, on the other hand, has taken a different attitude over the last few years.
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