Powers and functions of the board

Subject to the provisions of this Act, rules and bye-laws, the board shall have powers,- (a) to admit and remove members; (b) to elect and remove the office bearers; (c) to appoint and remove the Chief Executive; (d) to fix staff strength; (e) to frame policies concerning the organisation and services to members; (f) to frame regulations regarding,- (i) custody and investment of funds; (ii) maintenance of accounts; (iii) mobilisation, utilisation and investment of various funds; (iv) appropriate management information systems including filing of statutory returns; (v) such other matters as may be necessary for the effective performance of the Co-operative; (g) to place the annual report, annual financial statements, annual plan and budget for the approval of the general body; (h) to consider audit and compliance reports and place them before the general body; (h-1) to consider the inquiry report, if any, take action for rectification of the irregularities pointed out, if any, in the inquiry, cause compliance report and place the report before the general body; (h-2) to cause the completion of the audit of accounts for the preceding cooperative year within the first day of September every year and obtain the audit report thereon. (h-3) to convene annual general meeting within twenty fifth day of September every year. (h-4) to convene special general meeting as and when necessary or on requisition. (h-5) to file returns and information to the Registrar and federal cooperative before thirtieth day of September every year. (i) to review membership in other Co-operatives; (j) to perform such other functions as may be delegated by the general body or as specified in the bye-laws. (k) Every elected director of the Board shall submit a declaration of assets and liabilities of his/her and his/her family for each financial year of his/her tenure as in the manner as may be prescribed. (l) to collect and review the assets and liabilities of Chief Executive of the souharda co-operative society. (m) if the Chief Executive fails to submit the assets and liabilities to the Board, the Board shall take disciplinary action on Chief Executive such manner as may be prescribed. Explanation: For the purpose of this clause “family” means Candidate/Chief Executive Officer/Director and his/her Spouse, Unmarried Daughter and Undivided Son.