law: Co-Operative Societies Act 2008 
  82.
  
  Organisational meeting of directors
  1.      Subject to subsection
  
  (5), the directors shall hold a meeting as soon as possible after the issue of
  
  the societyÆs certificate of registration.
  2.      The directors may, at
  
  the meeting mentioned in subsection (1)Ś
  a.     
  
    pass
  
  resolutions establishing policies of the society;
  b.    
  
    adopt
  
  forms of corporate records;
  c.     
  
    appoint
  
  officers;
  d.    
  
    authorize
  
  the issue of securities;
  e.     
  
    appoint
  
  an auditor to hold office until the first general meeting of the members;
  f.     
  
    make
  
  banking or other financial arrangements;
  g.    
  
    appoint
  
  and authorise signing officers;
  h.     
  
    adopt
  
  operating policies; and
  i.      
  
    transact
  
  any other business.
  1.      
  2.      
  3.      A director may call
  
  the meeting of directors mentioned in subsection (1) by giving not less than 5
  
  days' notice of the meeting to each director, stating the time and place of the
  
  meeting.
  4.      The notice mentioned
  
  in subsection (3) may be waived where all directors are in attendance at the
  
  meeting of directors.
  5.      This section does not
  
  apply to a society that is deemed to have been registered under this Act.