Section 60 in Mizoram Cooperative Societies Act, 2006
60. Duties and responsibilities of Board of Directors.
(1)The board of directors of management committee shall;(a)observe and follow the provisions of this Act, rules bye laws and abide by the decisions taken by general body, management committee and other committees;(b)follow and adhere to the rules and regulations governing the business of the co-operative which, inter-alia include credit regulations, production, procurement, marketing, supply and storage regulations, labour regulations, and housing regulations;(c)perform their duties faithfully and loyally for the benefit of co-operative;(d)be held responsible either individually or collective)y to compensate the co-operative for the loss as suffered or damages incurred;(e)If found negligent in performing their official duties such directors shall be individually or jointly or collectively held or made liable to compensate the losses suffered or damages incurred.(2)The duties and responsibilities cast upon board of directors under section 129 shall equally, mutatis mutandi, be applicable to other board of directors, in addition to the same cast upon them under sub-section (1) of section 60.
