Section 39 in The M.P. Swayatta Sahakarita Adhiniyam, 1999
39. Board meetings.
(1)A meeting of the board may be called at any time by the President and in the event of his being incapable of acting then by the Vice President but at least four meetings of the board shall be held in a financial year, and the period between two consecutive meetings shall not exceed one hundred and twenty days.(2)The President and in the event of his being physically incapable of acting then the Vice-President may, whenever he thinks fit, call a special meeting of the board and shall be bound to do so within fifteen days of the date of receipt of a written requisition-(a)signed by not less than one-third of the directors on the board; or(b)from the Registrar; or(c)from the Auditor;such requisition shall contain the reasons why the meeting is felt necessary and the proposed agenda and no subject other than the subjects included in the proposed agenda shall be discussed at the special meeting of the board.(3)If the President or Vice-President, as the case may be, fails to hold the meeting of the board under sub-section (1) or the special meeting of the board under sub-section (2) within the period specified therein, he shall cease to be President or Vice-President, as the case may be on the date of expiry of the said specified period.(4)A person who ceases to be the President or Vice-President, under sub-section (3) shall not be eligible to hold the office of President or Vice-President, as the case may be, for a period of three years from the date of such cessation.(5)The quorum for a meeting of the board shall be such as may be specified in the bye-laws but shall not be less than fifty per cent of the total number of directors on the board.(6)Subject to the provisions of this Act, the procedure to convene and conduct the meetings of the board shall be such as may be specified in the bye-laws.(7)If a director fails to attend three consecutive meetings of the board without the permission of the President he shall cease to be a director, from the date of the third meeting.
