§421I-3 - Board of directors; election.

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

(b) Every member of the board of directors
shall be:

(1) A shareholder of the cooperation;

(2) A spouse of a shareholder; or

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