(1) Subject to subsection (5), the directors shall hold a meeting within 10 working days after the issue of the society's certificate of registration.
(2) The directors may, at the meeting mentioned in subsection (1)
(a) pass resolutions establishing policies of the society;
(b) adopt forms of corporate records;
(c) appoint officers;
(d) authorise 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 authorised signing officers;
(h) adopt operating policies; and
(i) transact any other business.
(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 that meeting of directors.
(5) This section does not apply to a society that is deemed to have been registered under this Act.