Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 5 : Governance of Co-operatives32. Board of directors |
| (1) | The affairs of a co-operative must be managed by a board of directors consisting of such number of persons as the constitution of the co-operative permits. |
| (2) | The board of directors must exercise the powers and perform the duties of the co-operative subject to this Act and the constitution of the co-operative. |
| (3) | The Board must be elected at the annual general meeting for such period as is set out in the constitution of the co-operative. |
[Section 32(3) substituted by section 28(a) of Notice No. 558, GG 36729, dated 5 August 2013]
| (4) | The Board may in the event of a vacancy by way of a resolution appoint a director for the remainder of the period referred to in subsection (3), subject to any requirements in the constitution of the co-operative: Provided that such resolution must be ratified at the next general meeting of the co-operative. |
[Section 32(4) inserted by section 28(b) of Notice No. 558, GG 36729, dated 5 August 2013]
| (5) | Other issues relating to the Board which are not provided for in this Act, may be provided for in the constitution of the co-operative. |
[Section 32(5) inserted by section 28(b) of Notice No. 558, GG 36729, dated 5 August 2013]
| (6) | The members of a co-operative may by special resolution passed at a meeting— |
| (a) | convened by the supervisory committee; or |
| (b) | called by at least 25 per cent of members where such co-operative does not have a supervisory committee, |
dissolve the Board if such members find justifiably good reason that the board is dysfunctional or has acted contrary to any law.
[Section 32(6) inserted by section 28(b) of Notice No. 558, GG 36729, dated 5 August 2013]