Appointment of directors in producer companies: designation, election timing, tenure limits and co-option rules for expert directors. Establishes that members may designate an initial Board of at least five directors until elected; elections occur within a prescribed post-registration period (with an extended period for certain inter-State cooperative societies). Directors' tenure is set by the articles within minimum and maximum bounds; retiring directors may be reappointed. Directors are normally chosen by members at the annual general meeting. The Board may co-opt expert directors or appoint additional directors up to one-fifth of its strength for article-specified periods; expert directors generally lack a vote in the Chairman's election unless the articles provide otherwise.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Appointment of directors in producer companies: designation, election timing, tenure limits and co-option rules for expert directors.
Establishes that members may designate an initial Board of at least five directors until elected; elections occur within a prescribed post-registration period (with an extended period for certain inter-State cooperative societies). Directors' tenure is set by the articles within minimum and maximum bounds; retiring directors may be reappointed. Directors are normally chosen by members at the annual general meeting. The Board may co-opt expert directors or appoint additional directors up to one-fifth of its strength for article-specified periods; expert directors generally lack a vote in the Chairman's election unless the articles provide otherwise.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
