(1) The quorum for a meeting for the General Assembly shall be specified in the bye-laws, but shall not be less than ten percent of the members eligible to vote at the meeting.
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(2) If within one hour from the time fixed for meeting of the General Assembly a quorum is not present, the meeting shall stand adjourned ordinarily to the same day in the next week at the same time and place.
But the Chairman of the meeting may, however, decide to adjourn the meeting to a later date not later than fifteen days or as may be specified in the bye-laws of the society:
Provided that a meeting of the Special General Assembly called on the requisition of members under sub-section (1) of section-33 shall not be adjourned but dissolved.
(3) If at any time in a meeting there is no quorum the presiding authority shall adjourn it to such time or date as it thinks fit and announce the same at once and the business set down for the meeting shall be brought forward at the subsequent meeting whether at such meeting there is a quorum or not.
(4) No business other than the business fixed for the original meeting shall be transacted at such subsequent meeting.
(5) A notice of such adjournment posted in the notice board of the head office of the cooperative society on the day on which the meeting is adjourned shall be deemed sufficient notice of the next subsequent meeting.
(6) The quorum for a delegate general body meeting shall not be less than twenty five percent of the delegate eligible to vote at the delegate general body meeting .If at any time in the meeting of delegate general body meeting there is no quorum, the procedure laid down in subsection(1) to (5) shall be followed.
(7) At the meeting of the General Assembly, the President shall preside over the meeting. If the President is absent the Vice-President shall preside. If both the President and the Vice-President are absent from the meeting of the General Assembly, the members present shall choose one of them to preside the meeting.
BOARD 35. (1) There shall be a Board for the management of every cooperative society registered under this Act. The Directors shall be elected in accordance with the provisions of the bye-laws, The management of every cooperative society constituted in accordance with the provision of this Act and the bye-laws shall vest in the Board:
Provided that in the case of a cooperative society newly registered under this Act, the persons who have signed the application for the registration of the cooperative society may appoint a promoter Board, for a period not exceeding one year from the date of registration to direct the affairs of the cooperative society and it shall cease to function as soon as a regular board is constituted in accordance with the provisions of this Act and the bye-laws.
(2) The promoter Board appointed under the proviso to sub-section (1) shall conduct the election of Directors within the period mentioned therein.
(3) Every Director while exercising the powers and discharging duties shall act honestly and in good faith and in the best interests of the cooperative society and exercise such care, diligence and skill as a reasonably prudent person would exercise in similar circumstances.
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(4) A Director who is guilty of misappropriation, breach of trust or dishonesty resulting in loss or shortfall in revenue of the cooperative society and is found guilty after an enquiry or inspection under section 87 and section 88 or after audit under section 81, shall be personally liable to make good that loss or shortfall, without prejudice to any criminal action to which the director may be liable under any law.
PRESIDENT AND VICE-PRESIDENT OF COOPERATIVE SOCIETY