Amendment status not verified — confirm the current text below against the official source.
(1) The Government shall constitute a Board to be called "The Kerala Co-operative Development and Welfare Fund Board" for the administration of the fund. (2) The Board shall consist of the following members, namely.- 1. President, Kerala State Co-operative Bank. 2. President of any one of the District Co-operative Bank to be nominated by Government. 3. Two representatives of the committee of the Primary Agricultural Credit Societies to be nominated by Government. 4. A representative of the committee of non-agricultural credit societies to be nominated by Government. 5. Chairman, State Co-operative Union. 6. Two eminent Co-operators to be nominated by Government. 7. Secretary, Co-operation. 8. Registrar of Co-operative Societies. 9. Secretary of the Board. (3) One of the members shall be nominated or appointed by Government as the Chairman of the Board (4) The term of the Board shall be for a period of 5 years. (5) The Board shall be body corporate by the aforesaid name having perpetual succession and a common seal. (6) The Board shall be responsible for the proper administration of the fund. (7) Not less than five members of the Board shall form the quorum. Each member present shall have one vote and every issue shall be decided by majority of votes and in the event of equality of votes the Chairman shall exercise a second casting vote. (8) Subject to the provisions herein contained, the Board shall have power to frame subsidiary rules and regulations for the conduct of its business. (9) The board may delegate to the Secretary-Treasurer such of its powers, as in the opinion of the Board, are necessary for the management of the fund. (10) All contracts and agreements shall be made and executed in the name of the Board and signed on its behalf by the Secretary-Treasurer. (11) The Board shall be the authority for sanctioning the assistance from fund.; (12) A member of the board shall cease to be a member if he dies, resigns his membership or becomes of unsound mind or insolvent or is convicted of a criminal offence involving moral turpitude. (13) Resignation of membership shall be tendered to the Chairman of the board and shall become effective from the date of its acceptance or on the expiry of 30 days after the date of resignation, whichever is earlier. (14) Vacancies in the Board shall be filled up in the manner in which Board was originally constituted. (15) The Board shall meet as and when it is found necessary for the transaction of the Fund, but in any case at least six times a year. (16)(a) The Secretary-Treasurer of the Fund shall be a Joint Registrar of Co-operative Societies. (b) The Board may appoint such other staff or make such other arrangements as they may deem necessary for the efficient control, management and administration of the Fund; provided that the sanction for creation of posts should be obtained from Government. (17) It shall be the duty of the Secretary-Treasurer- (a) To keep in safe custody of all records of the Board; (b) To conduct the official correspondence on behalf of the Board; (c) To issue all notices for convening the meetings of the Board. (d) To keep minutes of all meetings of the Board; (e) To manage the properties and funds of the Fund; (f) To maintain or cause to be maintained the accounts of the Fund; (g) To sue and to be used on behalf of the Fund; and (h) To exercise all other powers and execute such other functions as may be assigned to him by the Board. (18) No remuneration except T.A. and D.A. shall be paid to any of the members of the Board without the previous approval of Government.