Powers and functions of the board of directors

(1) Without prejudice to the generality of the powers of the board under section 59, the board shall have powers to — (a) admit members; (b) elect and remove the office bearers; (c) accept or reject the resignation of the directors on the board; . (d) appoint and remove the chief executive; (e) fix the staff strength; (f) frame policies concerning — (i) business of the society; (ii) recruitment and service conditions of the staff; (iii) mobilisation, utilisation and investment of various funds; (iv) maintenance of accounting systems; (v) management information systems; (vi) such other subjects and matters necessary for the effective performance of the 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) acquire or dispose of immovable property; (j) take such other measures or do such other acts as may be prescribed or required under this Act. (2) The chairperson shall be elected by the board from among the elected members/directors appointed under section 67A of the Act 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.