sec.99Board of directors

sec.99 Board of directors

The business and operations of a society are to be managed and controlled by a board of directors, the majority of whom must be resident in the State. The board may exercise all the powers of the society. However, the board’s powers are subject to the restrictions imposed by this Act, relevant standards and the society’s rules. Every director acting in the society’s business or operations under a resolution duly passed by the board is taken to be acting as the society’s duly authorised agent. Anything done by or in relation to a director is not invalid merely because of a defect or irregularity in the director’s election or appointment. (sec.99-ssec.1) The business and operations of a society are to be managed and controlled by a board of directors, the majority of whom must be resident in the State. (sec.99-ssec.2) The board may exercise all the powers of the society. (sec.99-ssec.3) However, the board’s powers are subject to the restrictions imposed by this Act, relevant standards and the society’s rules. (sec.99-ssec.4) Every director acting in the society’s business or operations under a resolution duly passed by the board is taken to be acting as the society’s duly authorised agent. (sec.99-ssec.5) Anything done by or in relation to a director is not invalid merely because of a defect or irregularity in the director’s election or appointment.