Powers of committee.

The Board or the Committee of a society shall in accordance with the byelaws, have power to- (a) admit and terminated membership; (b) elect the Chairman and other office bearers; (c) remove from office the Chairman and office bearers; (d) fix staff strength with the approval of the Registrar; (e) frame policies concerning- (i) organization and provisions for services to members; (ii) qualifications, recruitment, service conditions of the staff and other matters relating to staff with the approval of the Registrar; (iii) mode of custody and investment of funds; (iv) manner of keeping accounts; (v) mobilization, utilization and investment of funds; (vi) monitoring and management of information system including statutory returns to be filed; (f) place the annual report, annual financial statements, plan and budget for the approval of the general body; (g) consider audit and compliance reports and place the same before the general body; and (h) undertake such other functions as specified in the byelaws: Provided that the policies concerning the qualifications, recruitment, service conditions of the staff and other matters relating to staff of co-operative credit structure shall be framed according to the guidelines issued by the Registrar in accordance with the criteria specified by the National Bank.