Terpolymeric resin, abbreviated as m-CHF-II was prepared by polycondensation of m-cresol (0.1M), hexamine (0.05M) and formaldehyde (0.15M) in the presence of 1M HCl as catalyst. The polychelates of Ni(II) and Co(II) were prepared. The electrical conductivity of resin and its polychelates was determined by voltage divider method. The activation energy of conduction was found to decrease in order m-CHF-II > [Ni(II)m-CHF-II]n> [Co(II)m- CHF-II]n. The chelation was found to decrease in band gap due to incorporation of metal electrons. The resin and its polychelates were found to obey Wilson’s law and hence show semiconducting behaviour. The activation energies of these samples were in range 0.0097 to 0.0280 eV in temperature range 303 to 593K.