Section 189(4) in Tamil Nadu Co-operative Societies Rules, 1988
(4)(a)The Managing Director shall have power to operate the accounts of the sugar mill, to endorse and transfer promissory note, Government and other securities held by the sugar mill and to sign, endorse and negotiate cheques and other negotiable instruments, bonds (except bonds for moneys' borrowed) receipts and all accounts and other documents connected with the business of the sugar mill for and on behalf of the sugar mill.(b)The Managing Director shall have powers to make arrangements for the proper maintenance of accounts and the custody of cash and other properties of the sugar mill.
