|Home>>Bare Acts>>Back to Index|
41. Nominee of Central Government or State Government on the board.- (1) Where the Central Government or a State Government has subscribed to the share capital of a multi - state cooperative society or has guaranteed the repayment of principal and payment of interest on debentures issued by a multi-State cooperative society or has guaranteed the repayment of principal and payment of interest on loans and advances to a multi-State cooperative society, the Central Government or the State Government in this behalf, as the case may be, or any person authorised by the Central Government or the State Government, shall have the right to nominate on the board such number of persons as may be prescribed;
(2) The bye-laws of a multi-State cooperative society may provide for the nomination of persons in excess of the limits prescribed under sub-section(1).
(3) A person nominated under this section shall hold office during the pleasure of the Government by which he has been so nominated.
Copy right : Indu Info (All rights reserved)