The board of directors shall be vested with the broadest powers to act in all circumstances on behalf of the cooperative with a board of directors.
It shall exercise such powers within the limits of the corporate purpose and subject to powers expressly attributed by this Uniform Act to the meetings of the members.
The board of directors shall be in charge inter alia of:
- defining the objectives of the cooperative and the orientation to be given to its administration;
- approving the accounts of each members;
- ensuring compliance with the cooperative basis in the cooperative management and in the distribution of the earnings thereof;
- setting the training and education program for the members;
- Preparing the financial and moral report of the cooperative.
The clauses of the Articles of Association or the decisions of the general meeting limiting the powers of the board of directors shall not be enforceable to individuals other than the members who act in good faith.
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 78
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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