Section 581P(2) in The Companies (Amendment) Act, 2002
(2)The election of directors shall be conducted within a period of ninety days of the registration of the Producer Company: Provided that in the case of an inter- State co- operative society which has been registered as a Producer Company under sub- section (4) of section 581J in which at least five directors[ including the directors continuing in office under sub- section (1) of section 581N] hold office as such on the date of registration of such company, the provisions of this sub- section shall have effect as if for the words" ninety days", the words" three hundred and sixty- five days" had been substituted.
