Managing Director

30. The Managing Director of the Federation shall be appointed by the State Government.

31. The Managing Director of the Federation shall be its Chief Executive Officer and the employees of the Federation shall exercise their powers and perform their duties under his superintendence and control. He shall exercise his powers and perform his duties as under:

(i) To superintend and control the affairs of the Federation and be responsible for the proper and punctual maintenance of accounts.

(ii) To maintain the register of members and share list.

(iii) To refund or transfer the shares of affiliated societies.

(iv) To receive deposits and surplus funds from members and non-members including the public banks, local bodies and public institutions.

(v) To receive money due to the Federation and give receipt thereof.

(vi) To incur expenditure up to the limit authorised by the Board of Directors.

(vii) To pay money due from the institution.

(viii) To invest surplus funds, to discharge, buy, sell and collect interest on govt. promissory notes and securities on behalf of the Federation.

(ix) To make investments in Governments/Securities or in other Federation/ Corporations/ Undertakings.

(x) To make appointment of the staff authorized by the Board of Directors or staff service rules.

32. The instruments executed on behalf of the Federation, except receipts shall bear the signature of such officers of the Federation as may be appointed by the Board of Directors or the Managing Director from time to time.

33 The Board shall provide a common seal for the purpose of the Federation and shall have power from time to time to destroy the same and substitute a new seal in lieu thereof and the Board shall provide for the safe custody of the same for the time being and the seal shall never be used except with the previous authority of the Board of Directors of the Federation.

34. Every deed or document to which the seal of the Federation is required to be affixed, shall be signed by the Managing Director or such other person (s) as may be appointed by the Board in this regard.

35. The Federation shall create a common cadre for its employees in such manner as may be provided in the rules governing the common cadre. The services of the incumbents on the cadre may be lent on deputation to cooperative marketing societies or any other such societies as may be specified in the Rules.

36. The services of employees of the Federation and other societies covered under the Common Cadre Rules shall be governed by the service rules as may be framed, amended or modified by Registrar in consultation with the Board of Directors.