(2)subject to Section 3, the bye-laws of a Co-operative Society shall be specific on the following matters, namely:-(i)the name and address of the Co-operative Society ;(ii)the object of the Co-operative Society explicitly stated as a common central need of the members which the Co-operative Society aims at fulfilling ;(iii)eligibility, ineligibility and procedure for obtaining and retaining membership ;(iv)procedure for withdrawal, cessation and termination of membership;(v)the services that it intends to give its members ;(vi)fixation of minimum performance expected annually of each member vis-a-vis use of services, financial commitment and participation in meetings, in order to be eligible to exercise the rights of membership including the right to vote ;(vii)the consequences of performing below the minimum level fixed ;(viii)the consequences of default in payment of any sum due by a member ;(ix)rights of members ;(x)the nature and extent of the liability of the members for the debts contracted by the Co-operative Society ;(xi)the manner of making or amending bye-laws ;(xii)the powers and functions of the general body, and the powers and functions and the manner of constitution representative general body, if any, and subjects which must be dealt by with the general body, and by the representative general body, if any;(xiii)the manner and frequency of convening general meeting and quorum required ;(xiv)the manner of conducting elections and of filling casual vacancies ;(xv)the size and composition of the Board of Directors ;(xvi)the term of office of the Directors ;(xvii)the manner of removal of Directors ;(xviii)the manner and frequency of convening board meetings and quorum ;(xix)the powers and duties of the Board ;(xx)the powers and duties of the chairperson ;(xxi)the terms on which the Co-operative Society may deal with non-members ;(xxii)eligibility, ineligibility for becoming and continuing as Director ;(xxiii)penalties for acting against the interests of the Co-operative Society and for non-fulfilment of duties by members, office-bearers, Directors or staff ;(xxiv)the nature and extent of the liability of office-bearers Directors for debts contracted by the Co-operative Society ;(xxv)the authorisation of an officer or officers to sign documents and to institute and defend suits and other legal proceedings on behalf of the Co-operative Society ;(xxvi)the manner of choosing delegates to higher tier co-operative and federations ;(xxvii)the rights, if any, which the Co-operative Society intends to confer on any Co-operative Society or other federation and the circumstances under which these rights may be exercised by the society or federation(xxviii)the nature and amount of capital, if any, of the Co-operative Society ;(xxix)the maximum capital which a single member can hold ;(xxx)the maximum interest payable to members on paid up share capital;(xxxi)the sources, types and extent of funds to be raised by the Co-operative Society ;(xxxii)the purposes for which the funds may be applied ;(xxxiii)the constitution of various funds and their purposes ;(xxxiv)the manner of appointment of auditors and their powers and functions;(xxxv)the manner of appointment of internal auditors and their powers and functions;(xxxvi)the manner of disposal of funds when the Co-operative Society is under liquidation;(xxxvii)the manner of dissolution of the Co-operative Society.
