State Act

THE KARNATAKA SOUHARDA SAHAKARI ACT, 1997

54. Board of the Federal Co-operative.- 1[(1) The board shall be responsible for the direction and control of the management of the affairs of the federal cooperative; (2) The strength of the board of the Federal cooperative shall not exceed twenty one excluding the Chief executive; Provided that the federal cooperative shall co-opt persons having experience in the field of banking management, finance or specialization in any other field relating to the objects and activities undertaken by the Federal cooperative, as members of its board and such co-opted members shall not have the right to vote in any election of the Federal cooperative in their capacity as such members or to be eligible to be elected as office bearers of the board. Provided further that the number of such co-opted members shall not exceed two in addition to twenty-one directors specified above. Provided also further that the functional directors not exceeding three of the Federal cooperative shall be also be the members of the board and such members shall be excluded for the purpose of counting the total number of directors specified above.]1 1[(2-A) The provisions of section 24 related to the Maximum number of board members and reservation of seats in the Board shall mutatis-mutandis apply to the Federal Co-operative.]1 (3) The term of the Board of the Federal Co-operative shall be five years from the date of 1[election]1 (4) The Chief Executive shall be the ex-officio director of the Board and shall not have right to vote in the election of office bearers.