In view of the second pandemic wave, the state government has come out with a corrigendum on its earlier notification relating to the holding of annual general meetings (AGMs) by the urban cooperative banks (UCBs) and the cooperative housing societies (CHS). As per the revised notification, these bodies with members above 50 instead of less than 250 members can hold AGMs through video conference or other audio- visual means (OAVM).
The government, however, has reiterated that UCBs and CHS with less than 50 members can hold AGMs offline by strictly adhering to COVID 19 norms. This was in view of the guidelines issued by the departments of revenue and health restricting the gathering of 50 people for such events to avoid crowding amid rising COVID 19 cases.
The government in its revised notification has allowed these bodies to hold AGMs up to December 31, 2021 as earlier it was mentioned till March 31, 2021. Further, the notification says it will be the responsibility of the respective UCBs and CHS to maintain the proper records of AGMs conducted through video conference or OAVM. These bodies will communicate the date and venue of AGMs a week before through SMS, mail or Whatsapp.
According to the cooperative department rules, it is binding on UCBs and CHS to hold AGMs within six months since the completion of the financial year as per the Section 75 of the Maharashtra Cooperative Societies Act, 1960. However, the government has amended Section 75 due to the present coronavirus pandemic. Thereby, UCBs and CHS can now convene AGMs within 12 months after the completion of the financial year.
As per the model bye-laws for CHS, every housing society has to hold an annual general meeting (AGM) of the society, every year, before September 30.