: (1) Cooperative organizations shall have a board of directors elected by the general meeting.
(2) At least thirty-three percent representation of women members should be ensured in the committee as per sub-section (1).
(3) More than one person of the same family cannot be a candidate and be elected for the position of director and audit committee in the same period.
(4) The director of a co-operative society shall not be a director of any co-operative society other than the employee of the same society or the co-operative society in which his organization is a member. However, the director of a cooperative organization whose annual turnover is less than two million rupees will not be hindered from working as an employee in such a cooperative organization. If there is a management employee in an organization with an annual turnover of more than 2 million rupees, within four years from the date of commencement of this Act, such manager shall resign from the position of employee and arrange for another employee. Taking into account the current market conditions and inflation, the maximum limit of such transactions will be fixed by the committee as per Section 51 from time to time.
(5) A person can be the director of only one co-operative society at a time.
(6) Notwithstanding anything contained in sub-sections (4) and (5), if a person is a director of more than one co-operative society or an employee of the same or another co-operative society before the commencement of this Act, within one year from the date of commencement of this Act, he shall be a sole director of any co-operative society or Employees will have to stay.
(7) The term of office of the committee shall be as follows:-
(a) four years of an organization or association or federation,
(b) Four years of co-operative banks.
(8) Other arrangements related to the meeting of the committee shall be as prescribed.