Amendment status not verified — confirm the current text below against the official source.
(1) There shall be a Board of Directors for the management of Board of Duectors every self-supporting co-operative society : Provided that in the case of a newly registered self-supporting co- ersons who have signed the application for the registration operative society, the p of the society, may appoint a promoter Board, for a period not exceeding one year from the date of registration, to run the affairs of such society and it shall cease to function as soon asa regular Board is constituted Election of the Directors of the Board. Election of office bearers of self- supporting co- operative society. XTRA), NOV. 8, 2010 2 PUNJAB GOVT GAZ. (E a. (KRTK 17, 1932 SAKA) (2) Every Director while exercising the powers and discharging duties shall— (a) act honestly and in good faith and in the best interest of the self-supporting co-operative society ; and (b) exercise such due care, diligence and skill as a prudent person would exercise under similar circumstances, (3) A Director, who is guilty of misappropriation or breach of trust ; dishonesty, which causes loss or shortfall in revenue of the self-supporting co. operative society as determined by the general body, shall be personally liable to make good that loss or shortfall, without prejudice to any criminal action to which he may be liable under the relevant law.