Amendment status not verified — confirm the current text below against the official source.
Board meetings: 1) A meeting of the Board may be called at any time by the President or Chairman as the case may be, and in the event of his/her being incapable of acting, then by the Vice President or Vice Chairman but at least four meetings of the Board shall be held in a financial year and the period between two consecutive meetings shall not exceed one hundred and twenty days. 590 2) The President or Chairman and in the event of his/her being physically incapable of acting, the Vice President or Vice Chairman may, whenever he/she thinks fit, called as Special Meeting of the Board and shall be bound to do so within fifteen days of the date of receipt of a written requisition- a) Signed by not lessthan one third of the Directors of the Board; or b) From the Registrar; or c) From the Auditor. Such requisition shall contain the reasons as to why the meeting is felt necessary and the purpose agenda and no subject other than the subjects included in the purposed agenda shall be discussed at the Special Meeting of the Board. 3) If the President or Chairman, Vice President or Vice Chairman, as the case may be, fails to hold the meeting of the Board under sub-section (1) or the Special Meeting of the Board under sub-section (2) within the period specified therein, he/she shall cease to be President or Chairman, Vice President or Vice Chairman as the case may be, on the date of expiry of the said specified period. In which the case the remaining board members shall elect a new President or Chairman, Vice President or Vice Chairman as the case may be, from among themselves. 4) A person who ceases to be the President or Chairman, Vice President or Vice Chairman as the case may be, under sub-section (3) shall, not be eligible to hold the office of President or Chairman, Vice President or Vice Chairman as the case may be, for a period of three years from the date of such cessation. 5) The quorum for a meeting of a Board shall be such as may be specified in the Bye-Laws but shall not be less than fifty percent of the total number of the Directors of the Board. 6) Subject to this provision of this Act, the procedure to convene and conduct the meeting of the Board shalt be such as may be specified in the Bye-Laws. 591 7) If a Director fails to attend three consecutive meetings of the Board without the permission of the President or Chairman he/she shalt cease to be a Director from the date of the fourth meeting. 8) The State Government and Registrar my appoint nominee to the Board or any sub-committee of a Co-operative Society on its own motion when the Government has subscribe more than 50% of the paid-up share capital or when there is provision of Government nominee in its Bye-Laws. 9) The financial institution may also appoint its nominee when participates in its capital by way of share or other financial assistance as per the Bye-Laws of the Co-operative Society.