§421-17  Referendum.  The articles orbylaws may provide that upon demand of two-fifths of all the directors, anymatter of policy that has been approved or passed by the board must be referredto the members for their approval before it becomes effective.  No referendumshall be allowed unless it is demanded by the required number of directors atthe meeting at which the matter of policy in question is adopted. [L 1949, c234, pt of §1; RL 1955, §176-18; HRS §421-17]