Ganesh Chowdhury (Finance professional) 27 September 2018

Society audit

I have couple of questions on Society Audit:

1. In a housing society (registered under karnataka Societies Registration Act, 1960), who all is required to sign on a resolution passed in a general meeting. Would it suffice if just president and secretary sign the resolution?

2. What is the consequence if Audited financials are not passed/approved in an AGM? Can it be approved by calling a special general meeting?

Thanks in advance.

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2 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 27 September 2018

All resolutions including budget (audited) shall be passed by a majority of the members of General Body. The members present at GB meeting shall sign in the minutes book and for filing before the registrar president or secretary can sign.

Ganesh Chowdhury (Finance professional) 28 September 2018

Are all the resolutions required to be submitted to registrar? Where is it mentioned in the Act? When you say majority, you meant more than half, right? But the quorum requirement itself is 1/3rd, so how come it can be majority?