Amendment status not verified — confirm the current text below against the official source.
In the principal Act, in section 42, - (i) for sub-section (1), the following shall be substituted, namely “(1) The tenure of an office of elected members of the Board and its office bearers shall be five years from the date of election: Provided that the tenure of office bearers shall be co terminus with the tenure of the Board.”; (ii) in sub-section (3), for the punctuation mark appearing at the end, the punctuation mark shall be substituted and after that the following proviso shall be inserted, namely :- “Provided that the Board may fill a casual vacancy of a member of the Board by nomination out of the same class of members in respect of which the casual vacancy has arisen, if the remaining term of the Board is less than half of the original term.”; (iii) after sub-section (3), the following new sub-section (4) shall be inserted, namely :- “(4) “The Board may co-opt persons having experience in the field of banking, management, finance or specialization in the field relating to the objects and activities undertaken by the Co operative societies as members of the Board of such Co operative Societies, provided that there is no such experienced or specialized person in the Board. The number of such co-opted members shall not exceed two in addition to the fifteen Directors specified in section 35 (2): Provided that such co-opted members shall not have the right to vote in any election in the Board in the capacity as such member or to be eligible to be elected as office bearers of the Board: Provided further 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 of Board as specified in section 35 (2).”. Amendment of section 49