(a) The affairs of theassociation shall be managed by a board of not less than three directors,elected by the members or stockholders from their own number. The bylaws mayprovide that the territory in which the association has members shall bedivided into districts, and that the directors shall be elected according tosuch districts. In such case the bylaws shall specify the number of directorsto be elected by each district, the manner and method of reapportioning the directorsand of redistricting the territory covered by the association. The bylaws mayprovide that primary elections should be held in each district to elect thedirectors apportioned to such districts, and the result of all such primaryelections must be ratified by the next regular meeting of the association.
(b) The bylaws mayprovide that one or more directors may be appointed either by the Director ofthe Agricultural Extension Service or by such public official or public boardor commission as may be designated by the bylaws. The directors so appointedneed not be members or stockholders of the association, but shall have the samepowers and rights as other directors.
(c) An association mayprovide a fair remuneration for the time actually spent by its officers anddirectors in its service. No director, during the term of his office, shall bea party to a contract for profit with the association differing in any way fromthe business relations accorded regular members or holders of common stock ofthe association, or to any other kind of contract differing from termsgenerally current in that district.
(d) When a vacancy onthe board of directors occurs, other than by expiration of term, the remainingmembers of the board, by a majority vote, shall fill the vacancy, unless thebylaws provide for an election of directors by districts. In such case theboard of directors shall immediately call a special meeting of the members orstockholders in that district to fill the vacancy: Provided, that this subsectionshall not apply to the director or directors appointed under the provisions ofsubsection (b) of this section: Provided further, that any vacancy occurring inthe office of a director appointed under subsection (b) of this section shallbe filled in the same manner as the original appointment was made. (1921,c. 87, s. 12; C.S., s. 5259(s); 1963, c. 1168, s. 11; 1979, c. 908, s. 3.)
(a) The affairs of theassociation shall be managed by a board of not less than three directors,elected by the members or stockholders from their own number. The bylaws mayprovide that the territory in which the association has members shall bedivided into districts, and that the directors shall be elected according tosuch districts. In such case the bylaws shall specify the number of directorsto be elected by each district, the manner and method of reapportioning the directorsand of redistricting the territory covered by the association. The bylaws mayprovide that primary elections should be held in each district to elect thedirectors apportioned to such districts, and the result of all such primaryelections must be ratified by the next regular meeting of the association.
(b) The bylaws mayprovide that one or more directors may be appointed either by the Director ofthe Agricultural Extension Service or by such public official or public boardor commission as may be designated by the bylaws. The directors so appointedneed not be members or stockholders of the association, but shall have the samepowers and rights as other directors.
(c) An association mayprovide a fair remuneration for the time actually spent by its officers anddirectors in its service. No director, during the term of his office, shall bea party to a contract for profit with the association differing in any way fromthe business relations accorded regular members or holders of common stock ofthe association, or to any other kind of contract differing from termsgenerally current in that district.
(d) When a vacancy onthe board of directors occurs, other than by expiration of term, the remainingmembers of the board, by a majority vote, shall fill the vacancy, unless thebylaws provide for an election of directors by districts. In such case theboard of directors shall immediately call a special meeting of the members orstockholders in that district to fill the vacancy: Provided, that this subsectionshall not apply to the director or directors appointed under the provisions ofsubsection (b) of this section: Provided further, that any vacancy occurring inthe office of a director appointed under subsection (b) of this section shallbe filled in the same manner as the original appointment was made. (1921,c. 87, s. 12; C.S., s. 5259(s); 1963, c. 1168, s. 11; 1979, c. 908, s. 3.)
(a) The affairs of theassociation shall be managed by a board of not less than three directors,elected by the members or stockholders from their own number. The bylaws mayprovide that the territory in which the association has members shall bedivided into districts, and that the directors shall be elected according tosuch districts. In such case the bylaws shall specify the number of directorsto be elected by each district, the manner and method of reapportioning the directorsand of redistricting the territory covered by the association. The bylaws mayprovide that primary elections should be held in each district to elect thedirectors apportioned to such districts, and the result of all such primaryelections must be ratified by the next regular meeting of the association.
(b) The bylaws mayprovide that one or more directors may be appointed either by the Director ofthe Agricultural Extension Service or by such public official or public boardor commission as may be designated by the bylaws. The directors so appointedneed not be members or stockholders of the association, but shall have the samepowers and rights as other directors.
(c) An association mayprovide a fair remuneration for the time actually spent by its officers anddirectors in its service. No director, during the term of his office, shall bea party to a contract for profit with the association differing in any way fromthe business relations accorded regular members or holders of common stock ofthe association, or to any other kind of contract differing from termsgenerally current in that district.
(d) When a vacancy onthe board of directors occurs, other than by expiration of term, the remainingmembers of the board, by a majority vote, shall fill the vacancy, unless thebylaws provide for an election of directors by districts. In such case theboard of directors shall immediately call a special meeting of the members orstockholders in that district to fill the vacancy: Provided, that this subsectionshall not apply to the director or directors appointed under the provisions ofsubsection (b) of this section: Provided further, that any vacancy occurring inthe office of a director appointed under subsection (b) of this section shallbe filled in the same manner as the original appointment was made. (1921,c. 87, s. 12; C.S., s. 5259(s); 1963, c. 1168, s. 11; 1979, c. 908, s. 3.)
