Are there any penalties for co-operative societies that fail to conduct annual general body meetings within the stipulated timeframe?
Yes, there are penalties for co-operative societies that fail to conduct annual general body meetings within the stipulated timeframe. The Legislature of a State may make provisions to impose such penalties, as stated in Section 243ZN: "The Legislature of a State may, by law, make provisions that the annual general body meeting of every co-operative society shall be convened within a period of six months of close of the financial year to transact the business as may be provided in such law."