MANAGEMENT OF COOPERATIVE SOCIETIES
Section 27 of the Act provides that the committee of a society shall be its governing authority and subject to any direction from a general meeting of the society and its bylaws, it shall direct the affairs of the society with the following powers:
A. To enter into contract;
B. To institute and defend suits and other legal proceedings brought in the name of or against the society;
C. To do all other things necessary to achieve the society’s objects in accordance with its bylaws.
The committee shall ensure that any payment made by cheque has been signed by such officers as the bylaws authorise and the committee shall also be responsible for the custody of all monies belonging to the society. It is required to hold regular meetings at which the following are done.
1. The minutes of its previous meeting are considered and confirmed;
2. The accounts bank books and cash in hand are scrutinised and checked and its observation thereon recorded in the minutes;
3. Any loans due and owing to the society are considered and any action considered necessary in respect of such loans is authorised and recorded in the minutes; and
4. Any current business is conducted.
It is the committee’s responsibility to send annually to the registrar the audited balance sheet of the society and annual return. It is further required to keep available for inspect at the society’s registered offices the following documents:
(a) The Certificate of Registration;
(b) A copy of the Act, rules and registered bylaws;
(c) A list of members and
(d) A list of Officers.
In the conduct of its affairs committee members are required to exercise the prudence and diligence of ordinary men of business and shall be held jointly and severally liable for any losses sustained through any of their acts which are contrary to the Act, the Rules, the Bylaws or the directions of any General Meeting. It may delegate any of its duties to an officer or officers of the society but such delegation shall not absolve it from its responsibilities of running the affairs of the society in a proper and businesslike manner.