44
CurrentBoard (CNL s172)
Schedule 5Model rules for a distributing co-operative
Part 4Board of directors
44 Board (CNL s172)
(1)
The business of the co-operative is to be managed by or under the direction of the board of directors, and for that purpose the board has and may exercise all the powers of the co-operative that are not required to be exercised by the co-operative in general meeting.
Note—
The rules of the co-operative may restrict the power of the board, but an exercise of power by the board in excess of the restriction in these rules may still be a valid act. See section 45 of the Law.
(2)
The board must have............ directors.
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