Articles of association

(1) The members constituting cooperative, shall have a set of articles of association formulated and amended from time to time, in accordance with the provisions of this Act, and the affairs of the cooperative shall be managed in accordance with the conditions and procedures specified in the articles of association. (2) Except on such specific matters which the Act has provided for and which the articles of association may further regulate on but not contravene the functioning of every cooperative shall be regulated by its articles of association. (3) The articles of association may contain such matters as decided by the members and shall be specific on all matters listed in Schedule B of this Act. (a) the size and composition of the board of directors; (b) eligibility, ineligibility for becoming director; (c) eligibility, ineligibility for retaining directorship; (d) the procedure for election and removal of directors; (e) the terms of office of the directors; (f) the frequency of board meetings; (g) the manner of convening board meetings, and quorum; (h) the functions, responsibilities and powers of the board; (i) the minutes of proceedings of board meetings; (j) the functions, responsibilities and powers of the directors, office bearers, if any.