Bye-laws -(1) Except on such specific matters for which this Act has

provided, the functioning of every Co-operative Society shall be regulated by its bye-laws. Subject to the provisions of this Act and the bye-laws every Co- operative Society shall have regard to the Co-operative principles in its functioning.

1. (2) Subject to section 3, the bye-laws of a Co-operative Society shall be specific on the following matters, namely:- (i)the name and address of the Co-operative Society; (ii)the object of the Co-operative Society explicitly stated as a common central need of the members which the Co- operative Society aims at fulfilling; (iii)eligibility, ineligibility and procedure for obtaining and retaining membership; (iv)procedure for withdrawal, cessation and termination of membership; (v)the services that it intends to give its members; (vi)fixation of minimum performance expected annually of each member vis-a-vis use of service financial commitment and participation in meetings, in order to be eligible to exercise the right of membership including the right to vote; (vii)the consequences of performing below the minimum level fixed;
   • (viii) the consequences of default in payment of any sum due by a member; (ix)rights of members; (x)the nature and extent of the liability of the member or the debts contracted by the Co-operative Society; (xi)the manner of making or amending bye-laws; (xii)the powers and functions of the general body and the powers and functions an the manner of constitution of representative general body, if any, and subjects which must be defelt with by the general body, and by the representative general body, if any;
   • (xiii) the manner and frequency of convening general meetings and quorum required; (xiv)the manner of conducting elections and of filling casual vacancies; (xv)the size and composition of the Board of Directors; (xvi)the term of office of the Directors; (xvii)the manner of removal of Directors; (xviii)the manner and frequency of convening board meeting and quorum; (xix)the powers and duties of the Board; (xx)the powers and duties of the Chairperson; (xxi)the term of on which the Co-operative Society may deal with non-members; (xxii)eligibility, ineligibility for becoming and continuing as Director; (xxiii) penalties for acting against the interests of the Co-operative Society and for non-fulfilment of duties by members, office- bearers, Directors or staff;
   • (xxiv) the nature and extent of the liability of office-bearers, Directors for debts contracted by the Co-operative Society;
   • (xxv) the authorisation of an officer or officers to sign documents and to institute and defend suits and other legal proceedings on behalf of the Co-operative Society;
   • (xxvi) the manner of choosing delegates to higher tier co-operative and federations; (xxvii) the rights, if any, which the Co-operative Society intends to confer on any co-operative society or other federation and the circumstance under which these rights may be exercised by the society or federation;

(xxviii) the nature and amount of capital, if any, of the Co-operative

Society;

1. (xxix) the maximum capital which a single member can hold;
2. (xxx) the maximum interest payable to members on paid up share capital;
3. (xxxi) the sources, types and extent of funds to be raised by the Co- operative Society;

functions;

1. (xxxv) the manner of appointment of internal auditors and their powers and functions; (xxxvi) the manner of disposal of funds when the Co-operative Society is under liquidation; and

(xxxvii) the manner of dissolution of the Co-operative Society.