[§421I-3]  Board of directors; election. (a)  A meeting of the corporation for the purpose of electing the boardof directors shall be held not later than one hundred eighty days after thefirst conveyance of a dwelling unit to a shareholder, if at least forty percent of the dwelling units have been conveyed by that time.  If forty per centof the dwelling units have not been conveyed within one year after the firstconveyance, the meeting of the corporation may be held upon the call of theowners of at least ten per cent of the shares by a petition presented to thesecretary of the corporation.

(b)  Every member of the board of directorsshall be:

(1)  A shareholder of the cooperation;

(2)  A spouse of a shareholder; or

(3)  A trust beneficiary, if the shareholder is atrustee.

(c)  Each dwelling unit shall have only onerepresentative on the board of directors. [L 1993, c 282, pt of §1]