Q.The management of a co-operative society vests in the ________.

The general body cannot meet daily, so the actual management of a co-operative society vests, under Section 73 of the Maharashtra Co-operative Societies Act, 1960, in a managing committee elected by the general body from among the members. Its number, qualifications, reserved seats (for women and weaker sections), and manner of election are fixed by the Act, Rules, and bye-laws, and it holds office for a fixed term (commonly five years), after which fresh elections must be held. The committee is the executive organ: in general management it carries on the society's business and admits or removes members; in financial management it handles funds, sanctions loans and expenditure within fixed limits, operates bank accounts through authorised office-bearers, and prepares the accounts and arranges audit; in administration it appoints and supervises staff and office-bearers, call …