(1) There shall be a Board of Directors for the managem ent of Board of Duectors every self-supporting co-operative so ciety :
Provided that in the ca se of a newly registere d self-supporting coersons who have signed the application for the registration operative society, the p of the society, may a ppoint a promoter Bo ard, for a period not exceeding one year from the date o f registration, to run the affairs of such society and it shall cease to function as s oon asa regular Boar d is constituted Election of the Directors of the Board.
Election of office bearers of selfsupporting cooperative society.
XTRA), NOV. 8, 2010 2 PUNJAB GOVT GAZ. (E a. (KRTK 17, 1932 SAKA)
(2) Every Director while exercising the powers and discharging duties shall—
(a) act honestly and in good faith and in the best interest of the self-supporting co-operative society ; and
(b) exercise such due care, diligence and skill as a prudent person would exercise under similar circumstances,
(3) A Director, who is guilty of misappropriation or breach of trust ;
dishonesty, which causes loss or shortfall in revenue of the self-supporting co.
operative society as determined by the general body, shall be personally liable to make good that loss or shortfall, without prejudice to any criminal action to which he may be liable under the relevant law.