Directors and officers.
(a) The bylaws of an employee cooperative shall provide for the election, terms, classification, if any, and removal of directors and officers.
(b) Nonmembers may serve as directors or officers of an employee cooperative but at no time shall the number of nonmember directors or officers exceed 25 percent of the total number of directors or officers.
(c) Vacancies in director positions resulting from death, resignation, or removal shall be filled by vote of the member directors or by vote of the members.
(Act 97-949, p. 524, §7; §10-14-7; amended and renumbered by Act 2009-513, p. 967, §312.)Section: Previous 10a-11-1.01 10a-11-1.02 10a-11-1.03 10a-11-1.04 10a-11-1.05 10a-11-1.06 10a-11-1.07 10a-11-1.08 10a-11-1.09 10a-11-1.10 10a-11-1.11 10a-11-1.12 Next
Last modified: November 15, 2016