SreedhArAn, J.

This Original Petition has come before us on a reference made by a learned Single Judge under Section 3 of the High Court Act. Petitioners are three in number. Petitioners 1 and 2 are members of Kurappumpady Service Co-operative Bank Ltd., No. E-257, the third respondent. The third petitioner was a member of (he elected Board of Directors of the third respondent bank. Election to the Board of Directors was held on 31-10-1992. As per the terms of the bye-laws its term was for three years. So, the term of the Board of Directors was to expire on 30-10-1995. Government issued Order dated 11-8-1995 under Section 101 of the Co-operative Societies Act (hereinafter referred to as the act) whereby the term of the Board of Directors then in force was changed to three years and three months 6-11-1995 the term of the existing Board of Directors of the Co-operative societies was extended by a further, period of three months. Accordingly to the petitioners, eventhough the term of the existing Board of Directors of the third respondent bank was extended by six months, as per the notification mentioned earlier their term expired on 30-10-1995. As per Rule 35(1) of the Rul