Sage-Tips

What is special general body meeting?

As the name suggests, a Special General Body Meeting is called for undertaking a particular agenda or topic. At the SGM, any business, other than the one mentioned as the agenda of the meeting is NOT discussed.

What is AGM of housing society?

As per the model bye-laws for cooperative housing societies in Maharashtra, every housing society has to hold an annual general meeting (AGM) of the society, every year, before 30th September. It is the responsibility of the committee of the housing society, to ensure that the AGM is held within the prescribed period.

Who can attend annual general meeting of a society?

8.8 The General Body may invite any Person other than the Members of the Society to attend any meeting of the General Body and participate in the deliberations of such meeting, provided that no such Person shall have the right to vote in the meeting on any matter.

Who can attend AGM of housing society Maharashtra?

Bye Law No 104. Restrictions on attending a general body meeting by a proxy. No proxy or a holder of power of attorney or letter of authority shall be eligible to attend a General Body Meeting of the Society on behalf of a Member of the Society.

What is the difference between general meeting and annual general meeting?

A general meeting can also be a regular organization meeting like once a week or twice a week or once in 15 days or twice a month and so on. The general current issues or work updates can be discussed in a general company meeting. Whereas, an AGM is a annual general meeting which is held once once a year.

Who can call a special meeting?

the president
Typically either the president or a majority vote of the board (or both) can call a special meeting. You need to give proper notice to members and, of course, you need a quorum to do business. The procedure should be spelled out in your bylaws.

What is the quorum for annual general meeting?

5 members
Quorum Required for a General Meeting 5 members to be present if as on the date of the meeting being held, the number of members in the company does not exceed one thousand. 15 members to be present if as on the date of the meeting there are more that one thousand members but less than five thousand members.

Who can call special general meeting?

However, only certain members with a significant stake in the company are allowed to call for an EGM. They are listed in the Companies Act,2013 as follows. In the case of a company having a share capital, members holding not less than one-tenth of such paid-up capital of the company that carries voting rights.

What is annual general meeting?

An annual general meeting (AGM) is the yearly gathering of a company’s interested shareholders. At an annual general meeting (AGM), directors of the company present the company’s financial performance and shareholders vote on the issues at hand.

What is a special meeting?

Legal Definition of special meeting : a meeting held for a special and limited purpose specifically : a corporate meeting held occasionally in addition to the annual meeting to conduct only business described in a notice to the shareholders.

Is AGM and GM same?

AGM (annual general meeting) which can be held once in a year while GM (General meeting) can be held more than one when it think that it has to be neccessory for running business of company. In the case of AGM it is compulsory every year and in the case of GM only if there is a necessity.

What are the bye-laws for cooperative housing societies in Maharashtra?

These bye-laws also cover the rules pertaining to annual general body meetings of the societies. As per the model bye-laws for cooperative housing societies in Maharashtra, every housing society has to hold an annual general meeting (AGM) of the society, every year, before 30th September.

What is an annual General Meeting (AGM)?

An annual general meeting (AGM) allows a co-operative’s members to come together, discuss their co-op, make decisions, and help shape its future. For many co-ops, an AGM might be only time some members engage in the co-op’s governance. For others (especially co-ops that are smaller) the AGM may just be a formal requirement that is over quickly.

What is the status of inactive members in Maharashtra cooperative society?

In August 2021, the Maharashtra government removed the ‘inactive member’ provision in Section 26 of the Maharashtra Cooperative Societies Act, 1960, thus, allowing all eligible members of the society to cast their vote in society elections held on or before March 31, 2022, irrespective of them attending the general body meetings.

When is the Annual General Body meeting of the Society held?

The Annual General Body Meeting of the Society shall be held on or before 30th September each year as provided under Section 75 (1) of the Act. (as there is no provision for extension of time to hold AGBM ) b.