Section 60(1) in Mizoram Cooperative Societies Act, 2006
(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.
