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Co-Operative Societies Act 2008 161. Dissolution for failure to account for business transacted 1. Where a society fails to furnish a copy of the annual financial statements to its members at an annual or special meeting called for that purpose or within a period of twelve months after the close of its financial year, the Registrar- a. may require the directors to call a special meeting of the society for the purpose of considering the business transacted during the preceding financial year and for the furnishing to the members and to the Registrar a copy of the annual financial statement; and b. shall, where he requires a special meeting to be called pursuant to paragraph (a) , determine a time period within which the special meeting is to be called. 2. Where the directors fail to call a special meeting within the time period specified in subsection (1), the Registrar may call the special meeting- a. to review the financial position of the society and the members’ interests in the society; and b. to ascertain whether the members desire to continue the society and are prepared to comply with sections 124 and 126. 3. Where- a. a quorum of members is not present at a special meeting called pursuant to subsection (2); or b. the members fail to pass a resolution to the effect that the society is to carry on business and to comply with sections 124 and 126, the Registrar may notify the directors that, unless sections 124 and 126 are complied with within one month from the date of the notice, the society will be struck off the register and dissolved. 1. 2. 3. 4. Notwithstanding subsection (3), the Registrar may extend the period for compliance with sections 124 and 126. 5. Where a society does not comply with sections 124 and 126 within the period specified in subsection (3) or set by the Registrar pursuant to subsection (4) the Registrar may- a. where he is satisfied that the society has no assets or liabilities, issue a certificate of dissolution in the prescribed form; or b. appoint a liquidator to dissolve the society.    |
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