Co-Operative Societies Act 2008
75.
Ambit of director’s duty
The
provisions of a contract, the by-laws or the circumstances of his appointment
do not relieve a director from—
a. the duty to act in
accordance with this Act and the Regulations; and
b. liability that by
virtue of a rule of law would otherwise attach to him with respect to
negligence, default, breach of duty or breach of trust or which he may be
guilty of in relation to the society.