Section 35 in Assam Co-Operative Societies Act, 2007
35. Board.
(1)There shall be a Board for the management of every cooperative society registered under this Act. The Directors shall be elected in accordance with the provisions of the bye-laws. The management of every cooperative society constituted in accordance with the provision of this Act and the bye-laws shall vest in the Board:Provided that in the case of a cooperative society newly registered under this Act, the persons who have signed the application for the registration of the cooperative society may appoint a promoter Board, for a period not exceeding one year from the date of registration to direct the affairs of the cooperative society 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.(2)The Board shall consist of [maximum twenty-one number of Directors] [Substituted 'fifteen numbers of Directors' by Assam Act No. 4 of 2019, dated 7.3.2019.]:Provided that there shall be reservation of one seat of Director for the Scheduled Castes or the Scheduled Tribes and two seats for Women in the Board of every Cooperative Society consisting of individuals as members and having members from such class or category of persons.(3)The promoter Board appointed under the proviso to sub-section (1) shall conduct the election of Directors within the period mentioned therein.(4)Every Director while exercising the powers and discharging duties shall act honestly and in good faith and in the best interests of the cooperative society and exercise such care, diligence and skill as a reasonably prudent person would exercise in similar circumstances.(5)A Director who is guilty of misappropriation, breach of trust or dishonesty resulting in loss or shortfall in revenue of the cooperative society and is found guilty after an enquiry or inspection under Section 87 and Section 88 or after audit under Section 81, shall be personally liable to make good that loss or shortfall, without prejudice to any criminal action to which the Director may be liable under any law.
