Amendment status not verified — confirm the current text below against the official source.
Bye-laws (1) Except on such specific matters, which the Act has provided, the functioning of every Cooperative Society shall be regulated by its bye• laws subject to the provisions of this Act. (2) The bye-laws of the Cooperative Society may provide for the following matters: (a) the name, address and area of operation of a Cooperative Society, (b) the objectives of the Cooperative Society explicitly (stated as a common central need of the members), (c) the cooperative principles as described in section 3, (d) the services to be provided to its members, (e) eligibility for obtaining membership, (f) procedure for obtaining membership, (g) conditions for continuing membership, (h) the time limit before which a potential member must seek and obtain membership in order to continue to use the services of the Cooperative Society, (i) procedure for withdrawal/transfer of membership, (j) procedure for termination and cessation of membership, (k) rights of members, (I) fixation of minimum performance required annually of each members vis-a-vis use of services, financial commitments and participation in meetings, in order to be eligible to exercise the rights of membership including the right of vote. (m) the consequences of default in payment of any sum due by a member, (n) the nature and amount of capital, if any, of the Cooperative Society, (o) the maximum capital to which a single member can subscribe, (p) the nature and extent of the liability of the members for the debts contracted by the Cooperative Society, (q) the sources and types of funds to be raised by the Cooperative Society, (r) the purposes for which the funds may be applied, (s) the extent and conditions under which deposits, loans, debentures and other funds may be mobilised, (t) the conditions and purposes for which State aid and aid from other financial institutions may be sought and obtained, (u) the manner of disposal of surplus, (v) the constitutions of various funds, reserves and their purpose, (w) the manner of convening general and other special meetings and quorum thereof, (x) the frequency of general meetings, (y) the role of general body and the matters to be placed before the general body, (z) the manner of amending bye-laws, (aa) the procedure for conducting election, 9/42 (bb) the procedure for conducting election in case the Cooperative Society fails to do so, (cc) the size and constitution of the board, (dd) eligibility for becoming director, (ee) conditions for retaining directorship, (ff) the tenure of the directors, chairperson and other office-bearers, (gg) the procedure for removal of directors and for filling of vacancies, (hh) the manner of convening board meetings and quorum, (ii) the frequency of board meetings, (jj) powers and functions of the board, (kk) powers and functions of office-bearers including chair-person, (II) powers and functions of the Chief-Executive, (mm) penalties for acting against the interests of members and for non• fulfillment of duties by members, directors and staff, (nn) the appointment and role of auditors and procedure for conduct of audit where the Cooperative Society fails to make necessary arrangements and time limit for audit compliance, (oo) the authorisation of an officer or officers to sign documents and to institute and defend suits and other legal proceedings on behalf of the Cooperative Society, (pp) the terms on which a Cooperative Society may deal with non• members, (qq) the terms on which a Cooperative Society may associate with other Cooperative Societies, (rr) the terms on which a Cooperative Society may deal with organisations other than Cooperative Societies, (ss) the rights, if any, which the Cooperative Society may confer on any Cooperative Society or other federations and the circumstances under which these rights may be exercised by the federations, (tt) the manner of disposal of funds if the Cooperative Society is under liquidation, (uu) the accounting year for the Cooperative Society, (vv) transfer of shares and interest in the name of a nominee in case of death of a member, (ww) the manner of dissolution of the Cooperative Society, (xx) restriction, if any, on service to non-members, (yy) organise self-help groups of people living in its area to conduct education and training programme, (zz) special measures for women, scheduled castes and scheduled tribes and other weaker sections including provision for their representation on the board.