Amendment status not verified — confirm the current text below against the official source.
The management of every society shall vest in a committee constituted in according with this Act, the rules and bye-laws, which shall exercise such powers and perform such duties as may be conferred or imposed respectively by this Act, the rules and the bye- laws. 4074(A). Number and terms of Board and its office bearer, - ( 1) The management of every Society shall vest in a Board constituted in accordance with this Act, and the Rules and the Bye-laws made thereunder, which shall exercise such powers and perform such duties as may be conferred or imposed respectively by this Act, or the Rules and the Bye- laws made thereunder. Provided that the maximum number of Directors of a Co-operative Society shall not exceed twenty one. Provided further that there shall be reservation of two seats for woman in the Board of every Cooperative Society. (2) The term of office of elected members and its office bearers shall be five years from the date of election and the term of office bearers shall be coterminous with the term of the Board. Provided that, there shall be provisions for co-option of persons to be members of the Board having experience in the field of banking management, finance or specialization in any other field relating to the objects and activities undertaken by the Cooperative Society, as a members of the Board of such Society. Provided further that, the number of such co-opted member shall not exceed two in addition to twenty one Directors specified in the first proviso to clause (1) of this section. Provided also, that such co-opted members shall not have the right to vote in any election Contribution to public purposes. VI of 1890 Investment of funds. II of 1882. Employees provident fund. XIX of 1952. Final authority. Committee its powers and functions. of the Cooperative Society in their capacity as such member or to be eligible to be elected as office bearers of the Board.' Provided further also that the functional Directors of a Co-operative Society shall also be the members of the Board and such members shall be excluded for the purpose of counting the total number of Directors specified in the first proviso to clause (1) of this section. 74 (B). Election of Members of Board, -