(1) The president of a cooperative may at any time, call a meeting of the board of directors :
Provided, however, that at least four board meetings shall be held in a financial year, and the period between two consecutive board meetings shall not exceed one hundred and twenty days.
(2) The president shall hold a special board meeting within fifteen days of the date of receipt of a requisition from :
(a) at least one-third of the directors on the board ; or
(b) the Registrar ; or
(c) the Auditor :
Provided that any such requisition shall contain the reasons why the meeting is felt necessary and the proposed agenda, and no subject other than the subjects included in the proposed agenda shall be discussed at the special board meeting.
(3) The president shall cease to be president at the end of the period within which a board meeting under sub-section (1) or (2) has to be held if he/she fails to hold such board meeting within the specified period.
(4) An individual who ceases to be president under sub-section (3) shall not be eligible to hold the office of president for a period of three years from the date of such cessation.
(5) The quorum for a board meeting shall be as specified in the articles of association, but shall be at least fifty per cent of the total number of directors on the board.
(6) The procedure to convene and conduct the board meetings shall be such as specified in the articles of association.
(7) If a director fails to attend three consecutive board meetings he/ she shall cease to be a director, from the date of the third board meeting.