(1) Subject to this
Act and the rules of the co-operative, the business of a co-operative is to be
managed by a board of directors.
(2) The board of
directors may exercise all the powers of the co-operative that are not, by
this Act or the rules of the co-operative, required to be exercised by the
co-operative in a general meeting or by postal ballot.
(3) The acts of a
director are valid despite any defect that may afterwards be discovered in his
or her appointment or qualification.