a) cancellation of the registration of an affiliated Society;
b) ceasing to hold at least one share, or c) expulsion as provided in bye-law No. 10.
13. Every member shall, on admission, pay an entrance fee of Rs. 100/-. Every member shall take at least one share whose value shall be payable in lump-sum. With the prior approval of the Registrar, the Board of Directors may, at any time, call upon the members to contribute to the share capital of the Federation by taking one or more number of shares.
14. No share shall be withdrawn, but shares may be transferred to member or to a society duly qualified for membership and approved by the Executive committee or shares may be transferred to the "Share Transfer Fund" kept by the Federation for the purpose.
Provided that in the economic interest of the member society, its share contribution can be retired by the Board V. Liability:
15. The liability of a member for deficit in the assets of the Federation in the event of its being wound up, shall be limited to the share capital subscribed by the member.
VI. Funds:
16. The Federation may raise funds by:
(a) Issuing of shares of the value of Rs. 5,000/-each.
(b) raising of loans from the Government, Co-operative Banks and with the prior approval of the Registrar from the Commercial Banks and others.
(c) acceptance of deposits from members and non-members;
(d) acceptance of grant or subsidy or financial assistance from the Government or other institutions or individuals.
6 | P a g e VII. Maximum Borrowing Limit:
17. The maximum borrowing limit of the Federation shall not, at any time exceed ten times of its own capital. Any sum to be borrowed against stock in trade shall not be subject to the said limit.
VIII. Management:
18. Constitution of Board of Directors.
The affairs of the Federation shall vest in the Board of Directors, which shall be constituted as follows:
(1) The Registrar, Cooperative Societies, Haryana, or his nominee;
(ii) The Director of Agriculture or his nominee;
(iii) The Director of Food & Supplies or his nominee;
(iv) The Managing Director of the Federation;
(v) A nominee of the Financing Institution;
(vi) Government nominees equal to 1/3rd of the elected members or 3 whichever is less.
(vii) One representative for every ten member societies or part thereof subject to a maximum of seven members elected out of the member societies.
19. Office Bearers The Chairman of the Board of Directors shall be appointed by the Government from amongst its nominees if it has contributed to the share capital of the Federation to the extent required for the purpose under the Act. Such person shall hold office during the pleasure of Government. His tenure shall not exceed the tenure of the Board in any case.
Provided, if the Government has not contributed to the share capital to the required extent, the Chairman of the Board shall be elected from amongst the members of the Board of Directors and his term shall be co-terminus with that of the Board.
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20. The Vice Chairman shall be elected from amongst the members of the Board. The term of the person so elected shall be co-terminus with that of the Board
21. A member of the Board shall cease to hold office if:
(i) he ceases to be member of the society he represents;
(ii) the society which he represents is included in the list of 'D' Class societies maintained by Registrar,
(iii) the society which he represents is brought under winding up or its registration is cancelled.
(iv) he abstains from three consecutive meetings of the Board of Directors without sufficient reasons.
22. Any vacancy occurring in the Board shall be filled by Co-option from amongst the member societies. Provided that the term of the member so co-opted shall be coterminus with that of the Board.
23. At least 15 days' notice (specifying the date, time, place and agenda) of the meeting of Board of Directors shall be given to the members before the meeting is held.
Provided that 7 days' notice of the meeting of Executive Committee, Administrative Committee or any other Sub Committee constituted by the Board shall be given to the members of such Committee before its meeting is held.
24. The Board of Directors shall meet at least once in three months. One third of the total members shall form quorum for meeting of the Board. The Chairman or in his absence Vice Chairman and if both are absent, a member elected by those present in the meeting shall preside over the meeting of the Board. Each member shall have one vote. Unless otherwise provided in these bye-laws or by the Statutory rules notified by the Government all questions shall be decided by a majority of votes. In case of equality of votes, the Chairman of the meeting shall have a casting vote.
Any five members of the Board of Directors may give requisition for a special meeting of the Board of Directors by giving seven days notice to the Managing Director of the Federation. On the receipt of the requisition, the Managing Director shall convene a meeting of the Board of Directors at the Headquarters of the Federation. If he fails to do so within 30 days, the Registrar on the application of the signatories of the requisition may summon a meeting of the Board of Directors.
8 | P a g e The Registrar may on his own motion at any time summon a meeting of the Board of Directors.