¹ The board must conduct the business of the cooperative with all diligence and employ its best endeavours to further the cooperative’s cause.

² In particular, it has a duty:

1.

to prepare the business of the general assembly of members and implement its resolutions;

2.

to supervise the persons entrusted with the cooperative’s business management and representation with regard to compliance with the law, the articles of association and any applicable regulations and to keep itself regularly informed of the cooperative’s business performance.

³ The board is responsible for ensuring that:

1.

the minutes of its meetings, the minutes of the general assembly, the necessary accounting records and the membership list are kept properly;

2.

the annual report is drawn up and submitted to the external auditor for examination in accordance with the statutory provisions; and

3.

the prescribed notifications concerning accessions and departures of members are made to the commercial register office.⁷³⁸