Section 56 in The Karnataka Souharda Sahakari Act, 1997
56. Powers and Functions of the Board.
- The Board of the Federal Co-operative shall be the authority to exercise all the powers and perform all the functions conferred on the Federal Co-operative under this Act, rules and the bye-laws, and shall have powers,-(a)[to inform the Cooperative Election Commission to conduct election to the office of] [Substituted by Act 4 of 2013 w.e.f. 11.02.2013.] the President or Chairperson, Vice-President or Vice-Chairperson and other office bearers;(b)to remove from office the President or Chairperson, or Vice- President or Vice Chairperson and other office bearers;(c)to appoint and remove the Chief Executive;(d)to fix staff strength;(e)to frame policies concerning the organisation and services to the member Co-operatives;(f)to frame regulations regarding,-(i)custody and investment of funds;(ii)maintenance of accounts;(iii)mobilisation, utilisation and investment of various funds;(iv)monitoring and management of information system including statutory returns to be filed; and(v)such other subjects and matters necessary for the effective performance of the Federal Co-operative;(g)to place the annual report, annual financial statements, and annual plan and budget for the approval of the general body;[(g-1) to consider the inquiry report, if any, take action for rectification of the irregularities pointed out, if any, in the inquiry, cause compliance report and place the report before the general body; [Inserted by Act 4 of 2013 w.e.f. 11.02.2013.](g-2) to prepare the annual financial statements, schedules, and other statements and produce the same to the auditor along with the concerned books of accounts, records and other documents within the thirty days from the date of close of the cooperative year;(g-3) to provide necessary information and assistance to the Cooperative Election Commission for conducting election before the expiry of the term of the office of the board;(g-4) to file returns and information to the Registrar as per section 64A within the thirtieth day of September every year;](h)to consider audit and compliance report and place the reports before the general body; and(i)to undertake such other functions as may be delegated by the general body.
