Chief Executive and his Emoluments and functions

(1) There shall be a Chief Executive in every co-operative society who will be designated as Secretary in Primary Agricultural credit societies & Secretary, Manager or General Manager or by any other designation in non-agricultural primary societies and central societies below the district level, General Manager or Chief Executive in the District level central co-operative societies and Managing Director in the case of Apex level co-operative societies.

Except the Managing Director of Apex level co-operative societies, all other Chief Executives of societies by whatever name they are designated (secretary, manager, General Manager or Chief Executive officer) shall be appointed & be removable by the society subject to the provision of rules and regulations framed under section 121&122. The emoluments & other conditions of service of the Chief Executive shall be such as may be prescribed in rules & regulations made in this behalf :

Provided that where a service for the post of Chief Executive common to any class of co- operative societies has been created under section 122-A, the recruitment, appointment, removal and other conditions of service of persons appointed to such posts, including persons appointed to such posts before the creation of such service, shall be governed by the provisions of that section and the rules made there under.

(2) Powers and functions of Chief Executive (other than Apex), the Chief executive of societies (other than Apex level societies) shall exercise the powers and discharge the functions, specified below, namely— (a) be responsible for the sound management of the business of the society and its efficient administration; (b) operate the accounts of society singly or jointly in accordance with bye-laws provisions and resolutions of the committee of management & make arrangement for safe custody of cash; (c) sign and authenticate all documents on behalf of the society; (d) making arrangements for the proper maintenance of various books and records of the society and correct preparation timely submission of periodical statements and returns in accordance with the provisions of the Act, the rules & the bye-laws; (e) convening meetings of the general body of society, the Board & the Executive committee & other committees or sub-committees constituted by the Board & maintaining proper records for such meetings; (f) assisting the Board in the formulation of policies & objectives and planning; (g) making appointments to the posts in co-operative society in accordance with rules & regulations; (h) furnishing to the Board periodical information necessary for appraising the operations & function of society; and (i) perform such other duties & exercise such other powers as may be imposed or conferred on him under the rules, bye-laws & Board resolutions of the society. (3) A co-operative society may, subject to the provisions of the rules and the bye laws and the regulations made under (section 121,122 or section 122-A) appoint, if necessary, one or more persons to assist the Chief Executive and to entrust him or them with such powers and duties of the Chief Executive as the society may deem fit. (4) After a co-operative society has been registered and till such time as its Chief Executive is appointed under sub section (1) or for six months, whichever is earlier, the functions and duties of the Chief Executive shall be performed by such member of the society as may be provided in the rules and the bye-laws of the society.