Section 33(1) in The M.P. Swayatta Sahakarita Adhiniyam, 1999
(1)There shall be a Board of Directors for the management of every co-operative registered under this Act. The Directors shall be elected in accordance with the provisions of the bye-laws. Subject to the provisions of sub-section (4) of Section 30 the management of every co-operative constituted in accordance with the provision of this Act and the bye-laws shall vest in a board :Provided that in the case of a co-operative newly registered under this Act, the persons who have signed the application for the registration of the co-operative may appoint a promoter board, for a period not exceeding one year from the dale of registration, to direct the affairs of the co-operative and it shall cease to function as soon as a regular board is constituted in accordance with the provisions of this Act and the bye-laws :Provided further that in the case of a Co-operative Society registered under the; Co-operative Societies Act and the elected members of its board, whose term has not expired at the time of registration of co-operative under Section 5 shall be deemed to be the promoter board, with the same term and responsibilities as in the first proviso for a period not exceeding one year from the date of registration.
