The business and affairs of the Cooperative shall be the responsibility of the Board of Directors. As the policy making body of the Cooperative, The Board of Directors shall formulate and enact policies, rules and regulations for the general welfare of the Cooperative and its members to ensure the efficient and effective delivery of products, services and facilities to its coverage areas through resolutions; review and approve developmental plans and investment programs prepared by the management and staff; and exercise their powers and other duties as provided by these By-Laws. The authority of any individual member of the Board and his powers can be exercised only by actions and determination taken in a regularly called and/or legally held meetings. Such actions and determinations shall be recorded in the official minutes of the Board meetings.