Section 129(1) in Mizoram Cooperative Societies Act, 2006
(1)The member of Board of Directors of a Co-operative Bank shall. -(a)attend board meetings of management committee of a co-operative bank regularly with due diligence, care, caution, precision and work effectively in true spirit of cooperation;(b)as soon as after being elected, shall gain familiarities with the broad objectives of concerned co-operative bank, the policy laid down by government, Registrar and Reserve Bank of India;(c)work as a team and not sponsor or be prejudiced against any individual proposals;(d)pay added attention on the following aspect and working of co-operative bank:(i)that the loans and advances to board of directors and their relatives are made in conformity with guidelines and directions issued by concerned bank and Reserve Bank of India:(ii)that the loan recoveries are promptly made and overdues reduced to minimum level;(e)discourage individual officers or employees of co-operative bank upon approaching him in any manner:(f)maintain secrecy on all bank related matters and ensure confidentiality of banks internal management and functions;(g)work in furtherance that the funds of co-operative bank are utilized in proper and judicious manner for the benefit of all members strictly in accordance with the guidelines, instructions and directions issued by Registrar and Reserve Bank of India from time to lime;(h)Avoid extension of protection to defaulter by making recommendation for postponement or reschedulement of loan payment.(i)ensure maintenance of cash reserve ratio and statutory liquidity ratio as per directions issued by Reserve Bank of India from time to time.
