171Exemption of co-operatives from provisions

171 Exemption of co-operatives from provisions

(1) The Registrar may, by designated instrument, exempt a co-operative or class of co-operatives from any or all of the provisions of this Division.

Chapter 3 Management and operation of co-operatives

Part 3.1 Management

Division 1 The board

172 Board of directors

(1) Subject to this Law and the rules of the co-operative, the business of a co-operative is to be managed by a board of directors.

(2) The board must consist of at least 3 directors (not counting alternates of directors) and at least 2 of the directors must be ordinarily resident in Australia.

(3) The board of directors may exercise all the powers of the co-operative that are not, by this Law or the rules of the co-operative, required to be exercised by the co-operative in general meeting.

(4) The acts of a director are valid despite any defect that may afterwards be discovered in his or her appointment or qualification.