(i) to preside over the meetings of the Board of Directors/general body. However, in the absence of the Chairman, this power/function shall be exercised/performed by the Vice Chairman or as provided in the Act, Rules and Bye-laws.
(i) Toexercise the right to casting vote in the event of equality of votes on any issue in a meeting of the Board of Directors.
(iii) to sign the proceedings of the meeting of the Board of Directors/general body.
(iv) to have aright to seek information from the Managing Director relating to performance of the Federation and its functioning including the information relating to financial matters.
For this purpose channel of communication would be through the Managing Director.
The Managing Director of the Federation shall be appointed by the Government.
(i) The Federation will create a Common Cadre for its employees in such manner as may be provided in the rules governing the common cadre. The services of the incumbents on the cadre may be lent on deputation to Co-operative Marketing Societies or any other societies such as and in the manner provided in the said rules.
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(i) The common cadre shall be governed by the service rules framed by the Registrar in consultation with the Board of Directors as amended and modified by him from time to time in the same manner.
POWERS AND DUTIES OF THE MANAGING DIRECTOR
27. The Managing Director of the Federation will be the Chief Executive Officer and its
28.
employees shall perform their duties under his superintendence and control. The Managing Director shall have the following powers and duties :
(i)
(ii)
(iif)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
(xiv) to generally administer the affairs of the Federation subject to the directions of the Board of Directors.
to undertake day to day management of the business of the Federation and also to arrange the purchase, sale and marketing of commodities to and on behalf of its members and the Federation.
to supervise and control the work of the employees of the Federation.
to arrange to open and operate accounts with Co-operative Banks and other Commercial Banks and to raise loans on suitable terms and conditions and also to maintain proper accounts.
to arrange for verification of the stock-in-trade at least once in every year and also to arrange the safe custody of stock and properties of the Federation.
to receive deposits and other money and issue receipts and also to pay amounts due from the Federation.
to sign on behalf of the Federation and conduct its correspondence.
to certify copies of entries in the books of Federation.
to sue and to be sued in the name and on behalf of the Federation under the general authorisation of the Board of Director, along with any other officer not below the rank of Addl. Managing Director as authorised by the Board of Directors.
to perform all other duties and exercise all such powers as are assigned to him by the Board of Directors.
to assist the Board of Directors in the formulation of policies, objectives and planning.
to arrange to convene meetings of the general body or the Board of Directors and to maintain proper record for such meetings in consultation with the Chairman.
to ensure compliance of instructions and suggestions contained in the inspection or audit notes relating to the Federation.
to delegate any of its powers and duties to the Addl. Managing Director and other officers consistent with the provisions of these Bye-laws/rules.
The instruments, executed on behalf of the Federation except receipts shall bear the signatures of such two officers of the Federation as may be appointed by the Board of Directors from time to time.
GENERAL BODY 25
30.
31.
az
33.
The General Body members of the Federation shall meet from time to time and at leas t once a year. A meeting of the General Body shall be convened by the Managing Directo r of the Federation under the directions of the Board of Directors. A General meeting shall also be convened if the requisition of such meeting signed by not less than one fifth of th e total members, is received by the Board of Directors, If on the receipt of the requisition the Board of Directors fails with in a reasonable time, not exceeding 30 days, to convene the General meeting, the signatories to the requisition may refer the matter to the Registrar, who may, if he thinks fit summon the General Meeting. The Registrar, may, on his own motion, at any time summon a General Meeting of the Federation. Every society will be represented by one person fully authorised by the member society and the person concerned will deposit the instrument so appointing him before the General meeting.
At least 15 days clear notice, specifying the date, place and time and the agenda of the General meeting shall be given to all members by issue of letters and insertion of notice in press also. The quorum for the General meeting shall be one-fourth of the total number of members or 500 whichever is less.
If at a General Meeting there is no quorum within one hour of the time fixed for a meeting it shall be adjourned and a fresh General meeting shall be reconvened after giving due notice. If at the reconvened meeting also there is no quorum within one hour of the time appointed for the meeting, then at the end of one hour, members present shall constitute quorum.
The Chairman or, in his absence, the Vice-Chairman shall preside over meetings of th e General Body. When both of them are absent, the members present shall elect a Chairm an for the meeting.
Every member of the General Body shall have one vote. Voting by proxies shall not b e allowed at General Meeting. Unless otherwise provided in these Bye-laws, all question s shall be decided by a majority of votes of the members present. When the votes are equal the chairman of the General meeting shall have a casting vote.
Unless otherwise provided in these Bye-laws, the ultimate authority in all matters relating to the administration of the Federation shall vest in the General Body.
Without prejudice to the General Provisions of the preceding Bye-laws, the General Body of members shall have the following powers and duties:
(i) Removal of the members of the Board of Directors.
(i) Consideration of the Annual Report, the audited statement of receipt and disbursements, balance sheet and profit and loss accounts.
(i) Disposal of profit.
(iv) Fixation of the maximum borrowing limit of the Federation consistent with these Bye-laws, subject to the approval of the Registrar.
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35.
(v) Amalgamation of other similar Co-operative Institutions with the Federation.
(vi) Amendment of Bye-laws.
No resolution of the General Body removing the Board of Directors or any Director shall be valid unless it is carried by majority at a General Meeting, at which not less than twothird of total number of members are présent.
DISTRIBUTION OF PROFITS
36.
37.
After making provision for depreciation on the building, machinery and other stocks as decided by the Board of Directors the net profits of the Federation shall be disposed off in the following manner:
(i) at least 10% shall be carried to the reserve fund.
(i) such proportion, not exceeding 5% of the net profits, as may be determined by the Registrar by General or special order shall be carried to Co-operative Education Fund to be administered in accordance with the instructions from the Registrar issued from time of time.
(i) the remainder may be utilized for one or more of the following purposes:
(a) distribution of dividend amongst members at a rate not exceeding 20% per annum on the value of the shares actually paid-up;
(b) rebate to membersin proportion to their purchases made by them from the society;
(c) 10% shall be carried to the price fluctuation fund;
(d) Creation of building fund, loss adjustment fund and any other fund required by the Federation;
(e) With the previous sanction of the Registrar, after one tenth of the net profit of the year has been carried to the reserve fund, contribute 5% of the remaining net profit to cooperative development fund;
(f) Any surplus may be credited to the reserve fund or carried over to the profits of the next year.
The allocation of net profits recommended by the Board of Directors in consultation with the Registrar, Co-operative Societies shall be decided upon by the General Body.
AMENDMENT OF BYE-LAWS
38. No amendment to these Bye-laws shall be carried out save in accordance with a resolution passed in the General Meeting of the Federation of which due notice of the intention to discuss the amendment has been given:
() Provided that no such resolution shall be valid unless it is passed by a majority of members present at the General Meeting at which not less than two third of the members for the time being of the Federation are present.
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(i) Provided further that amendments previously approved by the Registrar may be adopted by a majority at an ordinary General Meeting.
(i) The amendments shall come into force after they are registered by the Registrar.
MISCELLANEOUS
39. The accounts of the Federation shall be audited at least once a year by the person appointed by competent authority under the Act and Federation shall pay such audit fee as may be assessed from time to time, by the authority competent to do so.
40. The services of the members of the Board of Directors except the Managing Director shall be honorary but they may be paid travelling allowance at the rate/scale fixed by the Board of Directors with the approval of Registrar, Cooperative Societies, Punjab. Payment of honorarium will disqualify the existence of a Director on the Board of Directors.
41, In the conduct of the affairs of the Federation, the Board of Directors and officials of the Federation shall exercise prudence and diligence of ordinary men of business.
42. The reserve fund of the Federation shall be indivisible and no member shall be entitled to claim a specified share in it.
43. Should any doubt arise with regard to the interpretation of these Bye-laws, the matter shall be referred to the Registrar whose decision shall be final.
44. Alldisputes relating to the business of the Federation shall be disposed off in the manner provided by the statute governing the Co-operative Societies in Punjab and the rules framed thereunder.
45. The Federation shall maintain such accounts and other records connected with accounts in such from or manner as may be directed by the authority specified in the statutory rules framed under the Act governing the Co-operative Societies in Punjab State.
46. The Federation shall prepare and submit such returns, and statements as the Registrar may, from time to time, specify. lts members will also submit such returns that the Federation may ask for from time to time.
47. The Federation shall distribute Bonus to its employees in accordance with the provisions of the Payment of Bonus Act, 1965.
48. The Federation may, in the event of its unsatisfactory working, be wound up and cancelled by the order of Registrar in accordance with the law for the time being in force. 0 Q 12