Amendment status not verified — confirm the current text below against the official source.
Substituted by Act 35 of 2021 w.e.f. 07.10.2021. 1 [53A. Bye-laws of the Federal Cooperative.- (1) Subject to the provisions of this Act and the Rules, the Federal cooperative shall function in accordance with its bye-laws which shall as far as possible adhere to the cooperative principles. (2) The bye-laws of the Federal cooperative shall provide for the following matters namely:- (i) the name, address and area of operation of the Federal Cooperative; (ii) the objectives and functions of the Federal co-operative; (iii) the admission and termination of membership; (iv) the rights, duties and liabilities of membership including those of the nominal members; (v) recruitment of staff and their conditions of service; (vi) the functions and duties of the chief executive; (vii) the procedure for the conduct of board meetings and the quorum; (viii) constitution of the board and the powers, functions and duties of the board and the office bearers; (ix) the rights of the directors including the right to vote and the right to contest in the elections; (x) the qualifications and disqualifications for being elected or continued as a member of the board; (xi) the powers and functions of the general body; (xii) the procedure and conduct of general meetings and the frequency and the quorum required; (xiii) the consequences of the default of any member in payment of any dues to the Federal cooperative; (xiv) the scope and terms for mobilisation of funds; (xv) the procedure for collection of the members‟ subscription and the quantum; (xvi) purposes for which the funds may be applied; (xvii) the constitution of various funds and their purposes; (xviii) the appointment of the auditor and his powers and functions; (xix) the powers, function and duties of the President or Chairperson; (xx) the travelling allowance, daily allowance, sitting fee and other allowances of the directors and the office bearers; (xxi) the procedure for the implementation and formulation of the programmes of cooperative education and training; (xxii) constitution of sub committees, their duties and functions; (xxiii) procedure for amendment for bye-laws; (xxiv) the term of office of the board and the office bearers; (xxv) any other matter which is required to be or may be provided in the bye-laws.] 1