i) � is or was defaulter regarding any payment due from the society he represents to the Federa�on for a period of six months from the date on which the payment falls due; or ii) � ceases to be a commi�ee member of the society he represents;or iii) � becomes related to any employee of the Federa�on; or iv) � resigns and his resigna�on is accepted by the Board ;or v) � in the opinion of the general body, he conducted himself in a manner prejudicial to the interest of the Federa�on ; or vi) � fails, without sufficient reasons approved by the Board, to a�end three consecu�ve mee�ngs; or vii) � Becomes subject to any disqualifica�on laid down in the Act & the Rules.
34. � The mee�ng of the Board shall be called by the Managing Director or any Officer authorised by him or the Board or when directed by the Chairman of the Board.
35. � Atleast 15 days clear no�ce specifying the place, date, �me and agenda of the mee�ng shall be given to the members of the Board unless in case of an emergent mee�ng, a shorter no�ce to all the members with the prior approval of the Registrar is sufficient. Each member of the Board shall have one vote. All ques�ons, shall be decided by a majority of votes. In cases of equality of votes, the Chairman shall have a cas�ng vote. One third of the total members of the Board shall cons�tute the quorum for any of its mee�ng.
36. � A mee�ng of the Board shall be summoned if there is a requisi�on to this effect in wri�ng from any three of 1/3 of the members of the Board whichever is less, specifying therein the agenda for the mee�ng and such a requisi�on shalll be addressed to the Chairman . If on the receipt of the requisi�on, the Chairman fails summon the mee�ng within seven days of the receipt of the no�ce, the signatories to the requisi�on may refer the ma�er to the Registrar who may summon a mee�ng of the Board.
37. � Not withstanding any thing contained in these bye-laws in case of equality of votes in respect of the elec�on of the office bearers, no cas�ng vote shall be execised by the Chairman of the mee�ng but in such cases, it shall be exercised by draw of lots.
POWERS & DUTIES OF THE BOARD OF DIRECTORS
38. � The Board in exercise of its powers under these bye-laws shall lay down policies and programmes and discharge all the du�es rela�ng to the affairs of the Federa�on except those reserved for the General Body or the Managing Director under these bye-laws. In par�culars, the Board shall have the following powers & du�es:- i) � to elect Chairman and the Vice-Chairman from amongst the members of the Board.
ii) � to give direc�ons to the Managing Director for convening mee�ng of the General Body of the Federa�on and to submit to the General Mee�ng, annual report and audited balance sheet.
iii) � to frame, subsequently amend rules for regula�ng the business and working of the Federa�on consistent with the provision of these bye-laws.
iv) � to delegate its powers to the Chairman and Vice-Chairman or any sub-commi�ee cons�tuted for any specific purpose or to the Managing Director of the Federa�on consistent with the provision of these bye-laws.
v) � to appoint any Director to represent the Federa�on in the mee�ng of the Managing Commi�ee or General Body of other Coopera�ve Ins�tu�ons.
vi) � to act on behalf of the Na�onal Coopera�ve Union of India on all ma�ers pertaining to State.
vii) � to accept or reject the resigna�on of the members of the Board.
viii) � to grant admission to the non members.
ix) � to decide strength, qualifica�ons and other condi�ons of service of the staff to be employed by the Federa�on and frame rule in this regard with the prior approval of the Registrar.
x) � to appoint, suspend, dismiss or otherwise punish employee of the Federa�on in accordance with the service rules.
xi) � to maintain or cause to be maintained true and accurate accounts of money received and disbursed and all stock bought and sold.
xii) � to observe in all transac�ons the provisions of the Act and the Rules and these bye-laws.
xiii) � to keep or cause to be kept a true account of the assets and liabili�es of the Federa�on.
xiv) � to prepare and lay or cause to be prepared or laid before the annual general mee�ng audited balance sheet, annual report and expenditure account.
xv) � to comply with the audit/inspec�on notes of the Federa�on.
xvi)� to dispose of applica�ons for membership and admit members.
xvii) � to contract loans subject to any restric�ons imposed by the General Body or the Registrar.
xviii) �to take on lease or purchase land required for the Federa�on with the previous sanc�on of the Registrar.
xix) � to create regular posts necessary for the smooth and viable running of the business of the Federa�on subject to the approval of the Registrar.
xx) � to approve annual programme for the coopera�ve educa�on and training of the members of the coopera�ve socie�es.
xxi) � to frame business rules for the normal business of the Federa�on.
xxii) � to acquire on behalf of the Federa�on shares in other coopera�ves.
xxiii) �to arrange for proper deployment/investment of surplus funds of the Federa�on in accordance with the Act and the Rules.
xxiv) �to purchase, sell, hire or otherwise acquire or dispose of property on behalf of the Federa�on.
xxv) � t o a d v i c e t h e m e m b e r s o c i e � e s re ga rd i n g implementa�on of the coopera�ve educa�on programme for members of the coopera�ve socie�es.
xxvi) �to fix DA/TA/ si�ng fee to be paid to the members of the Board for a�ending the Board's mee�ng and other mee�ngs subject to the approval of the Registrar.
xxvii) �to arrange for publica�on of literature and journals for dissemina�on of coopera�ve knowledge and coopera�ve educa�on.
xxviii) to call for periodical returns from the member socie�es.
xxix) �to depute representa�ve to conferences/seminars or any other programmes connected with the objects of the Federa�on.
xxx) � to prepare the annual budget of income and expenditure.
xxxi) �to consitute a common cadre for key posts in the Federa�on and District Coopera�ve Unions and to frame service rules for such employees subject to the approval of the Registrar.
xxxii) �to ensure proper u�lisa�on of grant and subsidies received from the Government from �me to �me.
39.� The Board may form sub-commi�ees comprising not more than 5 members for specific purpose and for expendi�ous fulfilment of the same in the interest of the Federa�on as it may deem fit. The sub-commi�ee shall consist of the Chairman, a Govt. nominee, the Managing Director and two Directors, such sub-commi�ee will func�on under the over all control of the Board. For every mee�ng of such a subcommi�ee seven days clear no�ce specifying the agenda, date place and �me shall be given. In case of an emergency mee�ng,shorter no�ce with the prior approval of the Registrar will be sufficient.
40.� All busineess discussed and decided at a mee�ng of the Board or any sub-commi�ee shall be recorded in the proceeding book which shall be signed by the chairman of the mee�ng.
41. � In the conduct of the affairs of the Federa�on,the members of the Board shall exercise prudence and deligence or ordinary men of business and shall be responsible for any loss sustained through acts contrary to the provisions of the Act and the Rules framed thereunder and the bye-laws and stated objects of the Federa�on.
42. � No act of the Board or of any officer shall be deemed to be invalid by reason only if the existence of any defect in the procedure in the cons�tu�on of the Board or in the appointment or elec�on of an officer or on the ground that such officers was disqualifed for his appointment .
43. � The employees aggrieved by the order of the Board as the punishing authority shall have the right to file an appeal before the Registrar within 30 days of the receipt of the order.
The decision in appeal shall be final.
MANAGING DIRECTOR
44. � The Managing Director shall be the Chief Execu�ve whole �me officer of the Federa�on. He may either be appointed by the Board subject to the approval of the Registrar Coopera�ve Socie�es, Punjab or by the Govt. under the provisions of the Act.The Managing Director shall have all the powers and du�es to run the business of the Federa�on in accordance with the policies and programmes laid down by the Board.In par�cular, he shall have the following power & du�es:- i) � to administer the affairs of the Federa�on.
ii) � to supervise and control the work of the employees of the Federa�on.
iii) � to maintain proper and accurate account of all money including the Government grants received and expended and all stock which is purchased and sold.
iv) � to act in the name and on behalf of the Federa�on in implemen�ng the decisions of the General Body/Board where powers have been specifically vested in him under the bye-laws.
v) � to summon and a�end mee�ng of Genera l Body/Board/Sub-Commi�ee when powers have been specifically vested in him under the bye-laws.
vi) � to incure con�gent expenditure with in the limit fixed by the Board.
vii) � to arrange for the verifica�on of stock once in every year and also arrange for the safe custody of stock and property of the Federa�on, viii) � to receive all money and issue receipts and also to pay amounts due from the Federa�on.
ix) � to sign on behalf of the Federa�on and conduct its correspondence and to cer�fy copies of entries in the books of the Federa�on.
x) � to keep the true account of the assets and liabili�es of the Federa�on.
xi) � to maintain an upto-date register of members.
xii) � to perform all other du�es and exercies all such powers as are assigned to him by the Board.
xiii) � to fix prices of registers,bye-laws & other printed ma�ers etc. sold by the Federa�on.
xiv) � to func�on as Secretary to the Board and of any commi�ee cons�tuted under the bye-laws.
xv) � to be responsible for the execu�on of the training programme,publicity,propaganda and other schemes formulated by the Federa�on from �me to �me in this regard.
xvi) � to appoint, suspend, dismiss or otherwise punish employees of the Federa�on in accordance with the service rules.
xvii) � to take such securi�es from the employees as are determined and laid down by the Registrar.
xviii) �to create temporary/casual posts for period not exceeding six month on a consolidated salary not exceeding Rs.2500/- per month provided approval to this effect is taken from the Board in the next mee�ng.
xix) � to ins�tute, conduct, defend, compromise, refer to arbitra�on or abandon legal proceedings by or against the Federa�on or its officers or employees through any officer or employees of the Federa�on of otherwise through legal prac�oner or any other persons authorised by him in this behalf.
xx) � to determine powers,du�es and responsibili�es of the employees of the Federa�on.
xxi) � to enter into nego�a�ons and contracts and rescind and make such notes, deeds and things as may be necessary and approved by the Board on behalf of the Federa�on in rela�ons to any of the aforesaid purpose or otherwise in the interest of the Federa�on.
45. � The Managing Director may delegate any of his powers to any employee for effec�ve and efficient working of the Federa�on.
COOPERATIVE EDUCATION OFFICER
46.� The pursuance of the object of promo�ng & developing the Coopera�ve movement in the State and for educa�ng, guiding and assis�ng the people to build up and expand the Coopera�ve sector in an effec�ve manner the board shall appoint a Coopera�ve Educa�on Officer. He shall work under the General Superintendence & control of Managing Director and responsible for the execu�on of the training programme & other schemes formulated by the Federa�on from �me to �me in this regard.
GENERAL MANAGER
47. � The Board shall appoint a General Manager. He will be under the administra�ve control of the Managing Director and shall exercise such powers and perform such du�es as may be delegated to him by the Managing Director.
DISTRIBUTION OF PROFITS 48 � A�er making provisions for deprecia�on on buildings and other stock as decided upon by the Board, the net profit as per audited balance sheet shall be disposed off in the following manner:- i) � 25% shall be carried to the Reserve fund.
ii) � The remainder may with the previous approval of the Registrar to be applied as follows:- � a) � to the payment of divident not exeeding 10% per annum on the paid up share capital, b)� the crea�on of building fund, dividend, equiliza�on fund or share transfer fund.
c) � to the crea�on of any other fund in accordance with the provision of the Act and the Rules.
iii) � any surplus may be carried over to the next year or credited to the Reserve fund.
iv) � The distribu�on of the net profits shall be decided upon by the General Body on the recommenda�on of the board subject to the approval of the Registrar.
AMENDMENT OF BYE-LAWS
49. � Subject to the provison of the Act and the Rules, no amendment to these bye-laws shall be carried out save in accordance with the resolu�on passed at a general body mee�ng of which due no�ce of the inten�on to discuss the amendment has been given.
� Provided that no such resolu�on shall be valid unless it is passed by a majority of members present at the general body mee�ng at which not less than two thirds of members for the �me being of the society are present.
� Provided further that model bye-laws or amendments previously approved by the Registrar may be adopted by a simple majority at a general body mee�ng with an ordinary quorum MISCELLANEOUS
50. � Copies of the bye-laws and of the balance sheet shall be open to the public inspec�on during officer hours
51. � If the Federa�on is indebted to a Coopera�ve Financing ins�tu�on it shall be competent for a representa�ve of the la�er to inspect the books and record of the Federa�on and the Managing Director of the Federa�on shall arrange for the produc�on of books and record before such a representa�ve.
52. � The service of the member of Board and or any other Commi�ee cons�tuted under these bye-laws shall be honorary but they may be paid travelling and daily allowance on a scale to be fixed by the Board subject to the approval of the Registrar.
53. � The Federa�on shall maintain such accounts and other records conneted with accounts in such form of manner as may be directed by the authority specified in the Act and the Rules.
54. � The Federa�on shall prepare and submit such returns and statements as the Registrar may from �me to �me specify.
55. � Should any doubt arise with regard to the interpreta�on of any of these bye-laws the ma�er shall be referred to the Registrar whose decision shall be final in this regard.
56. � All disputes touching the cons�tu�on,management and business of the Federa�on shall be disposed off in the manner provided in the Act and the Rules framed thereunder.
57. � The Federa�on may in the event of its un-sa�sfactory working be wound up and cancelled by the order of the Registrar in accordance with the bye-laws for the �me being inforce and relevant provisions of the Act and the Rules.
58. � The words and phrases used in these bye-laws shall have the same meaning as is assigned to them in the Act and the Rules.
59. � The subscrip�on to be levied by the Federa�on under bye-laws may be credited to the account of the Federa�on by the Central Coopera�ve Financial Ins�tu�ons by debi�ng the same amount to the account of the society concerned.
60. � The old bye-laws of the Federa�on shall stand repealed with the registera�on of these bye-laws and all ac�ons taken under old bye-laws in so far as these are consistant with the provision of these bye laws shall be deemad to have taken under these bye-laws. M