(1) There shall be a President and Vice-president in a cooperative society to be elected by the Board from amongst its Directors in accordance with the provisions of the bye-laws. The term of President and Vice-president elected by the Board shall be coterminous with the term of the Board.
(2) Vacancy in the office of the President or Vice-president shall be filled in by the Board in accordance with the provisions of the bye-laws and the President or Vice-president so elected shall hold office for the unexpired term of his predecessor.
(3) The Vice-President may resign his office at any time by notice in writing to the President and the President may resign his office at any time by notice in writing to the Vice-President. Such resignation shall take effect from the date of its acceptance by the Board.
(4) The Board may, by a resolution passed by three- fourth majority of the Directors present and voting at a meeting held for the purpose, remove the President or Vice-president. Such meeting shall not be presided over by the President or Vice -President against whom such resolution is to be considered.
(5) The President or Vice-president as the case may be aggrieved by the resolution passed under sub-section(4) may appeal to the Registrar within thirty days from the date of passing of such resolution whose decision thereon shall be final.
(6) In the event of the occurrence of any vacancy in the office of the ' \ president by reason of his death, resignation or removal or otherwise, the Vice-President shall act as President until the date on which a new president is elected in accordance with the provisions of this Act and the Bye-laws to fill such vacancy.
(7) When the President is unable to discharge his functions owing to absence, illness or otherwise the Vice-President shall discharge the functions of the President until the date on which the President resumes his duties.
DISQUALIFICATIO N OF THE MEMBERS OF THE BOARD AND ADMINISTRA TIVE COUNCIL
37. A member shall not be eligible for being chosen or for being appointed, as a member of the Board or Administrative Council of a society or another society to which the society is affiliated if such member -
(a) is adjudged by a competent court to be insolvent or of unsound mind;
(b) has been punished with imprisonment for an offence involving moral turpitude or criminal activities;
(c) is concerned or participates in the profit of any contract with the society;
THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4, 2012 389 POWERS AND FUNCTIONS OF THE BOARD Z “ €■■ ANNUAL GENERAL MEETING ELIGIBILITY FOR A DIRECTOR IN COOPERATIVE SOCIETY
(d) in a credit society, failed to pay in three consecutive years immediately preceding the election at least an amount equivalent to any installments fixed for repayment of any loan or advance or credit or become defaulter to any other cooperative society ;
(e) has acted in a manner prejudicial to the interest of the cooperative society in particular or the cooperative movement in general.
38. The Board shall discharge such functions, perform such duties and exercise such powers as may be specified in the bye-laws and in accordance with the terms, conditions and procedure laid down therein and in particular the Board shall have the following powers, functions and duties, namely
(1) to interpret the organisational objectives, to set up specific goals towards achieving such objectives and to make periodic appraisal of operations ;
(2) to nominate, elect or appoint and remove the Chief Executive provided he is not a Government appointee ;
(3) to make provisions for the matters mentioned in section 49 in respect of the staff of a cooperative society ;
(4) to finalise long term perspective plan, annual plan and budget and to direct the affairs of the cooperative society in accordance with the plan and budget approved by the general body ;
(5) to arrange for funds ;
(6) to authorise acquisition and disposal of immovable property :
(7) to frame, approve and amend regulations relating to services ;
funds, accounts and accountability and information and reporting systems ;
(8) to elect President and Vice-President in accordance with the provisions of the bye-laws ;
(9) to prepare the annual financial statement of accounts ;
(10) to hold Annual General Meeting in stipulateo time ; and
(11) to remove President or Vice President in accordance with sub section (4) of section 36 ;
39. A general meeting to be termed as Annual General Meeting of the General Assembly of a registered cooperative society shall be held atleast once in every cooperative year within a period of 120 days from the date of expiry of every cooperative year. The Board shall automatically stand dissolved for not holding Annual General Meeting in accordance with the provisions of the Act and bye-laws within 120 days from the date of expiry of every cooperative year.
40. Subject to such other conditions as may be specified in the bye-laws a member of a cooperative society shall be eligible for being chosen as a Director of the cooperative society, if -
(1) such member has the right to vote in the affairs of the cooperative society ;
390 THE ASSAM GAZETTE, EXTRAORDINARY, FEBRUARY 4, 2012 ELECTIONS
(2) such member has patronised the services of the cooperative society during the previous financial year to the extent and in the manner specified in the bye-laws and has attended at least two Annual General Meetings in the previous five years:
(3) such member has no pecuniary interest in any subsisting contract made with, or work being done for the cooperative society except as otherwise specified in the bye-laws.
(4) the period of three years has elapsed from the date such member ceased to be a Director for the following reasons
(a) not conducting or wrongly conducting the Annual General Meeting under section 39 or special general meeting under sub section (3) of section33 and Board meetings under sub-section
(3) of section43; z s
(b) non submission of annual report of activities, annual financial statement of accounts to the general body under sub-section (4) of section-30.
(c) not conducting the meeting of the Board under sub-section (3) of section 43 or delegates or representative under sub-section
(3) of section 41;
(d) absence from Board meetings under sub-section(7) of section 43 ;
(e) automatic dissolution under sub-section (3) of section 41;
(f) for failure to take follow up action on audit report as specified in section 85.
(5) such member is free from default of any payment due to the society.