Powers and functions of the Board of Directors.

22. 1[Powers and functions of the Board of Directors.-- (1) The Board shall, subject to the provisions of the Act, rules, bye-laws and resolutions of the General Body, exercise the following powers and discharge the following functions, namely:-

1. (a) admit the members;
2. (b) allot shares to the members and transfer of shares;
3. (c) recommend to General Body for removal of the members;
4. (d) recommend removal of any of the committee members disqualified under the provisions of this Act and reinstatement of a Committee member who ceased to be such member of the committee;
5. (e) placing the reports before the General Body;
6. (f) raise funds in the form of loans or deposits and invest them;
7. (g) provide services or facilities including sanction of loans and advances to the members on a specific recommendation of the Chief Executive Officer on the basis of the date of admission of such members;
8. (h) sanction expenditure which is necessary for the business of the society subject to the provisions of annual budget;
   • (i) conduct elections in the manner specified in the bye-laws to the office of the members of the committee before the expiry of the term;
9. (j) conduct general meetings as prescribed in the Act;
10. (k) cause the audit of the accounts of the society within the time prescribed and place the audit report before the General Body;
11. (l) decide on matters concerning day to day management of the society;
12. (m) fix the staffing pattern, qualifications, pay scales and other allowances to the employees of the society, subject to the availability of the administrative and contingent fund and approval of the General body and Registrar;
13. (n) place the reports of inquiry conducted under section 29 or special audit report conducted under section 28 before the General Body within the time prescribed;
14. (o) rectify the defects noted in the reports of audit conducted under section 27 or inquiry conducted under section 29;
15. (p) suspension of any officer or servant of the society;
16. (q) initiate action for prosecution of any person who may have incurred criminal liability under the provisions of this Act or any other law for the time being in force;
17. (r) prepare the list of defaulters and publish the same as prescribed and place before the General Body;
18. (s) review all outstanding loans and ensure covert of legal action on all overdue loans and advances;
19. (t) give information on the affairs of the society to the Supervisory Council, the Registrar, financing bank and the federal society to which the society is affiliated;
20. (u) place the report on the loans sanctioned to and the business done by the members of the committee or their near relatives with the society, defaulters thereof and action to recover them before the General Body;
    • (v) place annual report, annual financial statement, annual plan and budget before the General Body;
21. (w) ensure cooperative education of the members, officers and the servants of the society and ensure payment of Co-operative Education Fund under section 22(A);
    • (x) prepare and place before the General Body, information or reports or statements relating to:-
    • (i) Disposal of properties;
    • (ii) Deficits in cash or stocks;
    • (iii) Proposals for appropriation of net profits including creation of reserves and other funds;
    • (iv) Write off bad debts;
    • (v) Removal of membership;
    • (vi) Contribution to Co-operative Education Fund and administrative and contingent fund;
    • (vii) Expulsion of member who has acted adversely to the interests of the society;
    • (viii) Affiliation of the society to the financial bank or other societies;
    • (ix) Elections of deluges to the financing bank or other societies;
    • (x) Appointment of Supervisory Council and internal auditors and consideration of their reports and follow up action.]

1. (2) The Chairperson shall be elected by the Board from among the elected members and shall, in accordance with the bye-laws,-
   • (a) preside at meetings of the Board and the general body;
   • (b) have only a casting vote in the event of equality of votes on any matters being decided upon by the Board;
   • (c) exercise such other powers as may be delegated by the board and specified in the policies framed or resolutions adopted by the Board.