Bye-laws of Co-operative Society

(1) Every Co-operative Society may make its bye-laws in accordance with the provisions of this Act and the Rules made thereunder. (2) In particular and without prejudice to the generality of the foregoing provision, such bye-laws may provide for all or any of the following matters, namely:— (a) the name, address and area of operation of the society; (b) the objects of the society; (c) the services to be provided to its members; (d) the eligibility for obtaining membership; (e) the procedure for obtaining membership; (f) the conditions for continuing as member; (g) the procedure for withdrawal of membership; (h) the transfer of membership; (i) the procedure for expulsion from membership; (j) the rights and duties of the members; (k) the nature and amount of capital of the society; (l) the manner in which the maximum capital to which a single member can subscribe; (m) the sources from which the funds may be raised by a society; (n) the purpose for which the funds may be applied; (o) the manner of allocation or disbursement of net profits/surplus of society; (p) the constitution of various reserves; (q) the manner of convening general meetings and quorum thereof; (r) the procedure for notice and manner of voting in general body meetings and other meetings; (s) the procedure for amending the bye-laws; (t) the number of elected members of the Board not exceeding twenty one; (u) the term of office of elected members of a Board not exceeding five years; (v) the qualification and disqualification for member of Board of the society; (w) the procedure for removal of members of the Board and for filling of vacancies; (x) the manner of convening Board meetings, its quorum, number of such meetings in a year and venue of such meetings; (y) the frequency of Board meetings; (z) the powers and functions of the Chief Executive; (za) the manner of imposing the penalty; (zb) the appointment, rights and duties of Internal Auditors and procedure for conducting audit; (zc) the authorisation of officers to sign documents, operate bank accounts and to institute and defend suits and other legal proceedings on behalf of the society; (zd) the terms on which a co-operative Society may deal with persons other than members; (ze) the terms on which a co-operative Society may associate with other co-operative society; (zf) the terms on which a co-operative society may deal with organizations other than co-operative societies.