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