Appointment, powers, functions of Managing Director

(1) Where the Government has subscribed to the share capital of a co-operative society to the extent of Rs. 10,00,000 or more, the Government may notwithstanding anything contained in the bye-laws of the society, nominate another member in addition to those nominated under section 29 and appoint him as Managing Director : Provided that no person shall be appointed as Managing Director of a co-operative society unless he is a member of the Indian Administrative Service or Haryana Civil Service (Executive Branch) or Class I or II Officer of the Co-operative Department, Haryana or any other professional having qualifications and experience as may be prescribed, except in the case of the Haryana State Co-operative Labour and Construction Federation Limited, the Haryana Housing Apex Finance Society Limited and the Haryana Co-operative Dairy Development Federation Limited where technical persons may be appointed as Managing Directors : Provided further that in case of a cooperative bank, the appointment of Managing Director shall be made in accordance with the guidelines of the Reserve Bank and such Managing Director who does not fulfil the criteria stipulated by the Reserve Bank shall be removed. (2) The Managing Director appointed under sub-section (1) shall exercise such powers as are assigned to him under the bye-laws or delegated to him by the committee. He shall also discharge all such functions consistent with the bye-laws as are assigned to him by the Government or the Registrar. He shall work under the superintendence and control of the committee. (3) The Managing Director of a co-operative society shall be its principal executive officer. All employees of the society shall function and perform their duties under his superintendence and control.