Section 41: Annual general meeting

41. Annual general meeting (1) Every society shall hold an annual general meeting not later than the end of February of each year. (2) The annual general meeting shall be convened by the Board. (3) A society shall, at its annual general meeting— (a) approve the minutes of the preceding annual general meeting; (b) approve the programme of the activities of the society prepared by the Board for the coming year; (c) approve the estimates of income and expenditure for the next financial year; (d) elect the directors of the Board, other than in cases where a person has been appointed to manage the affairs of the society pursuant to section 47 (10); (e) elect delegates of the society to societies to which it is affiliated; (f) consider— (i) the annual report of the internal controller; (ii) the financial statement of the society for the preceding year, duly audited, together with the audit report; (iii) a report of the Board on the activities of the preceding year; and (iv) the manner of disposing of the surplus, if any; (g) fix the maximum liability that the society may incur from any society, bank or public or private financial institution; (h) fix the investment, deposit and placement ceiling; (i) appoint the auditor and approve his remuneration where appropriate; (j) appoint the internal controller and fix his remuneration where appropriate; and (k) consider any other matter that may be raised under the rules. (4) The annual general meeting shall not approve the annual accounts unless— (a) the annual report of the internal controller has been made accessible to the members in accordance with section 55 (6) (e); and [Issue 9] C49 – 20 Revised Laws of Mauritius (b) the audit report has been circulated and presented to the members along with the financial statements in terms of section 73 (12). (5) Where a society fails to hold its annual general meeting within the period specified in subsection (1), the Registrar shall, in writing, direct the society to hold its annual general meeting within one month from the receipt of the directive. (6) Where a society fails to comply with a directive issued under subsection (5), the Registrar may, subject to the approval of the supervising officer— (a) appoint an inspector who shall submit a report within one month of his appointment; (b) based on the report of the inspector— (i) revoke the Board; (ii) cause an interim Board to be appointed; and (iii) initiate procedures for the winding up of the society. (7) The Registrar may, on reasonable grounds, extend the period for submitting the report referred to in subsection (6) (a). (8) For the purpose of subsection (6), an interim Board of Directors shall— (a) subject to the approval of the supervising officer be composed of at least 3 persons appointed by the Registrar on such terms and conditions as he may determine; and (b) hold office for a period not exceeding one year. (9) The remuneration of a person appointed under subsection (8) and the costs, if any, incurred in the management of the society, shall be paid out of the funds of the society.