Amendment status not verified — confirm the current text below against the official source.
Amendment of section 73,? In section 73 ofthe Principal Act, (i) for sub.~ section (2), the following shall be substituted, namely, - “The term of office of the elected members of the board and its office bearers V sha11be five years from the date of election anti the term ofthe office bearers shall be ' ; co-terrninous with the term ofthe board. Nb member shall hold office ofthe director -or governing body beyond three terms consecutively. 2 Provided that if the term of the Board is superseded or dis‘selved it shall be” taken that the Board held its fu11 term. This shall apply to elected Boards only. (3). Provided further that the period of management of the nominated Board, or Administrator or Board ofAdmimstrators as the case may be under this Act shall not be counted as a term.” (11) for sub—section (3), the following shall be substituted, namely,- , (3)(1) “The election of a Board of a co-operative society shall be conducted befOre _ one month ofthe expiry ofthe term ofthe Board so as to ensure that the newly elected I I members of the Board assume office immediately on the expiry of the office of 1 members of the outgoing Board”. ‘ (2) “The superintendence, direction and control ofthe preparation ofelectoral " rolls for, and the conduct of, all elections to Cooperative Societies, shall vest to the- Registrar of Co--operative Societies. Providedthat theprocedures andthe guidelines for conduct ofsuchelections shall I be prescn'bed by the State Government. ' V 5. I Amendment of_ section 73 A.- In section 73A of the Pn'ncipal Act, - ' (i) for sub-section (1), the following shall be substituted, namely,- “(1) TheBoard ofa co-operative society shall be constituted with such number , . 'as may be specified by rules and bye-laws of the society; Provided that the maximum number ofDlrectors ofthe Board shall not exceed . ‘_ twenty one; ‘ Provided further that one seat for scheduled castes or scheduled tribes, and two seats for women and one seat for small farmers shall be reservedIn the Board ofa ' co-operative society consisting of1nd1v1duals as members and having members from I such class or category ofmembers Provided also that the Board may fill a casual vacancy on the Board by nomination out ofthe same class ofmembers1n respect ofWhlch the casual vacancy had ansen 1f the term of the Board15 less than halfof1ts on'ginal term. Provided also that the representatives ofthe employees and workers ofthe co— 1 operative society be included1n the Board as may be provided by the rules and bye- 1aws ofsuch society”” (11) For clause (a) ofsub—section (1B), the following shall be substituted, namely - - - V (a) “Persons having experience 111 the field of banking, management, finance or specialization1n any other field related to the objects and actlvities undertaken by the _(4)_ co-operative society may be co-opted as members ofthe Board upto a maximum of ’ two in addition to the number ofBoards specified in the bye-law; Provided that such co-opted professional members of the Board besides the normal number of the Board, shall have no right to vote in any election of the co— ' operative society in their capacity as such members or to be eligible to be elected as ' office bearers of the Board; Provided 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 section 73 A (1).”. . 6. Amendment of section 751— In section 75 of the Principal Act, (1) For sub— I section (1), the following shall be substituted, namely,- “( 1) 'Every co-operative soc1ety shall, within a period of six months of the _ Close of financial year, call an- annual general meeting of its members; Provided that ifin the opinion ofthe Registrar such meeting is not called by the society within the period specified, the Registrar or any person authorised by him may'call such meeting in the manner prescribed, and that meeting Shall be deemed to , , i _ be a general meeting duly called by the society”; (ii) in sub~section (5), the words “or, as the case may be, the extended period”, shall be deleted; (111) after sub-section (7) ofsection 75, the followingnew sub—section (8) shall be inserted, namely - - “(8). Every member. of a co-operative society shall attend at every general body'meeting ofthe society where he is a member and iffails to attend consecutively _ at least two general body meetings ofthe society he shall automatically cease to be a member of the soc1ety”. V