Society as a result thereof, shall be personally liable to make good that loss, without prejudice to such criminal action to which he is liable under the law.

Powers and functions of the Board of Directors - (1) The Board shall, in accordance with the bye-laws be the authority to,- (a)admit and terminate membership; (b)elect the chairperson and other office bearers; (c)remove from office the chairperson and other office bearers; (d)appoint and remove the chief executive; (e)fix staff strength; (f)frame policies concerning;

1. (i) organisation and provision of services to members
2. (ii) recruitment, and conditions of service of the staff at the Co- operative Society;
3. (iii) mode of custody and investment of funds;
4. (iv) manner of keeping accounts;
5. (v) mobilisation, utilisation and investment of various funds;
6. (vi) monitoring and management information systems including statutory returns to be filed;
7. (vii) such other subjects and matters necessary for the effective performance of the Co-operative Society. (g)Place the annual report, annual financial statements, annual plan and budget for the approval of the general body; (h)Consider audit and compliance reports and place these before the general body; (i)review membership in other Co-operatives; (j)undertake such other functions as may be delegated by the general body;

1. (2) The Chairperson shall be elected by the Board from among the elected members and shall, in accordance with the bye-laws,- (a)preside at meetings of the Board and the general body; (b)have only a casting vote in the event of equality of votes on any matters being decided upon by the Board; (c)exercise such other powers as may be delegated by the board and specified in the policies framed or resolutions adopted by the Board.