Powers and functions of the board

(1) The board of a cooperative society may exercise all such powers and perform all such duties as may be necessary or expedient for the purpose of carrying out its functions under the Act,, the rules and the bye-laws. (2) Without prejudice to the generality of the foregoing powers, such powers and duties shall include the following:- (a) to admit members; (b) to dispose of applications for allotment of shares; (c) to mobilize resources and invest funds; (d) to provide services or facilities including sanction of loans and advances to the members and determination of the security to be taken; (e) to elect the chairperson and other office bearers under the superintendence of Co-operative Election Authority. (f) to acquire or dispose of moveable and immoveable property required for achieving the objectives of the society; (g) to determine the cadre strength of the establishment of the society, qualifications, pay scales and other allowances admissible to each employee and other conditions of service of the employees as prescribed in the rules; (h) to appoint the chief executive and such other employees as are not required to be appointed by the chief executive of the society subject to the provisions of section 29G; (i) to lay down conduct and discipline rules, initiate disciplinary action against the delinquent employees and impose penalties proportionate to the gravity of the charges subject to the provisions of the bye-laws of the society; (j) to set up specific goals to be achieved towards the organizational objectives; (k) to approve the expenditure necessary for the business of the society subject to the provisions of annual budget; (l) to cause the audit of accounts of the society within the specified time limit and obtain the audit report within the said period; (m) to consider the audit report, take action for rectification of the defects and remedying the irregularities pointed out, if any, in the audit, cause compliance report and place the reports before the general body; (n) to consider the enquiry or inspection reports, if any, take action for rectification of the irregularities pointed out, if any, in the enquiry or inspection, cause compliance report and place the reports before the general body; (o) to place the annual report, annual financial statements, annual plan and budget for the approval of the general body; (p) to institute, defend or compromise legal proceedings; (q) to initiate civil, criminal and disciplinary action, as the case may be, against any person who may have incurred civil or criminal liability by way of misappropriation or causing loss to the society; (r) to convene annual general meeting in time and special general meetings whenever necessary and on requisition; (s) to frame regulations necessary for the proper and effective functioning of the society; (t) to take such other measures or to do such other acts as may be required under this Act, the rules or as may be specified in the byelaws or as may be delegated by the general body.