Co-operatives Act, 2005 (Act No. 14 of 2005)

Chapter 4 : General Meetings

Purchase

(1)	A co-operative must hold—

(a)	its first annual general meeting within 18 months of its registration;

(b)	subsequent annual general meetings within six months after the end of the preceding financial year.

(2)	The annual general meeting must—

(a)	subject to section 50, appoint an auditor as determined by the Minister by notice in the Gazette, depending on the category and level of the co-operative;

[Section 29(2)(a) substituted by section 26(a) of Notice No. 558, GG 36729, dated 5 August 2013]

(aA)	appoint an independent reviewer as determined by the Minister by notice in the Gazette, depending on the category and level of the co-operative;

[Section 29(2)(aA) inserted by section 26(b) of Notice No. 558, GG 36729, dated 5 August 2013]

(b)	approve a report of the board on the affairs of the co-operative for the previous financial year;

(c)	approve the financial statements and auditor’s report where applicable for the previous financial year;

(d)	elect directors;

(e)	elect a supervisory committee, if required by the constitution of the co-operative;

(f)	decide on the future business of the co-operative; and

(g)	consider the activity plan presented by the Board.

[Section 29(2)(g) inserted by section 26(c) of Notice No. 558, GG 36729, dated 5 August 2013]

(3)	For purposes of this section "activity plan" means a document that summarises the operational and financial objectives of the co-operative for the next financial year, including—

(a)	clear business goals with reasons why these goals are believed to be attainable; and

(b)	how funds in the co-operative will be utilised.

[Section 29(3) inserted by section 26(d) of Notice No. 558, GG 36729, dated 5 August 2013]