(i) Is below 21 years of age.
(ii) Is a paid employee of the Federation for the financing Bank; or any Society affiliated to it or
(iii) Is convicted of any offence involving dishonesty or moral turpitude or has applied for insolvency or his declared insolvent or
(iv) Is of unsound mind; or
(v) Holds any office of profit under the federation or received Honorarium or
(vi) Is interested directly or indirectly in any contract with the Federation.
(vii) Is in default of any payment payable to the Federation for the proceeding year.
(viii) Deleted.
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29. The term of the office of the elected Board shall be five years form the date of its election. The term of elected office bearers shall co-terminious with the term of Board provided that the elected office bearers can be removed by a vote of no confidence through a resolution passed by 2/3 rd majority of the total elected members of the Board new office bearers shall be elected for the remaining term of the Board. The nominated members shall have no right to vote in the election or removal of the Board after he has served on the Board of the Federation for two continuous term unless a period less than one term has expired since he last so served. An interim vacancy caused in the Board shall be filled by election in the concerned one, Zone for the remaining term of the Board.
30. A member of the Board of Directors shall cease to hold office if he;
(i) Cease to be representative of the Union affiliated to the Federation.
(ii) Applies for insolvency or is declared insolvent; or
(iii) Is convicted on any office involving dishonesty or moral turpitude;
(iv) Holds any office or place of profits under the Federation or receiving any honorarium ; or
(v) Resigns and his resignation is accepted by the Board of Directors.
(vi) Except in case of ex-officio member absents himself from three consecutive meeting of the Managing Committee; or
(vii) Acquire an interest directly or indirectly in any contract with the Federation.
31. The elected members of the Board of Directors shall elect from amongst themselves Chairman, Vice-Chairman & Honorary Managing Director.
32. Meeting of the Board of Directors shall be held at least once in three months. At least fifteen days notice shall be given to the members. Three or one third of the total members of the Board which ever is less shall form the quorum of the meeting. The Chairman of the Federation shall preside over the meeting of Board. In the absence of Chairman, Vice-Chairman shall preside over the meeting. If both of them are absent the members present in the meeting shall elect Chairman for that meeting from amongst themselves.
Unless otherwise provided in these Bye-laws, all questions shall be decided by majority of votes. Each members shall have one vote. In case of equality of votes the Chairman shall have a casting vote.
33. Any three members of the Board of Directors may at any time requisition a special meeting of the Board of Directors by giving ten days notice to the Chairman of the Federation, who shall in that case convene a meeting of the Board of Directors. If however he fails to do so within a reasonable time, the Registrar on the application of the Signatories may summon a meeting of the Board of Directors.
34. The Registrar may on his own motion also summon a meeting of the Board of Directors.
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35. The Board of Directors shall exercise all the powers and discharged all the duties of the Federation except those reserved for the General Body subject to any regulations or restrictions duly laid down by the Federation in a General meeting or in the Bye-laws in particular the Board of Directors shall have the following powers and duties:- 35(i) To observe in all their transactions the provisions of the Act, the notified rules and the bye-laws.
(ii) To maintain true and accurate accounts of all money received and expanded and all stock bought and sold.
(iii) To keep a register of members correct and up to date.
(iv) To keep a true account of assets and liabilities of the Federation.
(v) To prepare and lay before the general meeting a profit and loss account and audited balance sheet.
(vi) To examine the accounts, sanction contingent expenditure and supervised the maintenance of the prescribed register.
(vii) To consider the inspection notes of the Registrar or his staff and the audit notes of the Chief Auditor or his staff and to take necessary action.
(viii) To elect new members, to issue new and transfer old shares.
(ix) To give direction to the Honorary Managing Director to summon general meeting in accordance with these bye-laws.
(x) To arrange for the safe custody of stock.
(xi) To assist in the inspection of books by any person authorised to see them.
(xii) To appoint, suspend, dismiss or punish employees, subject to any conditions laid down by the Registrar from time to time , to take proper securities from them as determined by the Registrar.
(xiii) Through any member, or officer, or employee of the Federation or any other person especially authorised to institute, conduct, defend, compromise, refer to arbitration all cases/disputes concerning the affairs of the Federation.
(xiv) To acquire on behalf of the Federation shares in other registered cooperative Societies.
(xv) To arrange for the safe custody of books and appoint one of its members of all the registers and papers prescribed in these bye-laws.
(xvi) To accept or reject the resignation from the members of the Board of Directors.
(xvii) To open account with the Cooperative Banks.
(xviii) To delegate powers for operation of accounts with Cooperative Banks.
(xix) To fix T.A. of Directors and the staff of the Federation.
(xx) To appoint a Directors to represent the Federation in the general body of any other Cooperative Institution to which it is affiliated or is share holder.
(xxi) Generally to carry on the business of the Federation.
36. Deleted.
37. In the conduct of the affairs of the Federation, the members of the Board of Directors shall exercise the prudence and diligence or ordinary men of business and shall be responsible for any loss sustained through acts contrary to the law, bye-laws and the stated objects of the Federation.
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38. All business discussed or decided at a meeting of the Board of Directors shall be recorded in a proceedings book, which shall be signed by the Chairman of the meeting.
39. The Board of Directors shall appoint employees having qualifications, experience etc. As approved by the Registrar as per service Rules. The Board of Directors may by resolution vest in the Honorary Managing Director. The necessary powers and such powers may be made exercisable for such period of periods and upon such conditions and subject to such restrictions as the Board of Directors may determine.
HONORARY MANAGING DIRECTOR The powers and duties of the Honorary Managing Director shall be as follows :-