There shall be an elected board of directors for every cooperative constituted and entrusted with the direction of the affairs of the cooperative in accordance with the provisions of the articles of association :
Provided that in the case of a cooperative newly registered under this Act, the persons who have signed the application for the registration of the cooperative may appoint a promoter board, for a period not exceeding one year from the date of registration, to direct the affairs of the cooperative and to get elections of directors conducted within the period mentioned above; and the promoter board appointed under the proviso shall cease to function as soon as a regular board has been constituted in accordance with the articles of association :
Provided further that in the case of a cooperative society originally registered under the Cooperative Societies Act and subsequently registered under this Act, the elected members of the board, whose term has not expired at the time of registration under this Act, may be deemed to be the promoter board, for a period not exceeding one year from the date of registration under this Act, to direct the affairs of the cooperative and to get elections of directors conducted within the period mentioned above ; and the deemed promoter board under the proviso shall cease to function as soon as a regular board has been constituted in accordance with the articles of association.