17-1510. Management of association; directors and officers.
17-1510
17-1510. Management of association; directors and officers.
Every such association shall be managed by a board of not less than five
directors. The directors shall be elected by and from the stockholders of
the association or from stockholders of co-operative societies who are
residents of this state and own stock in such association except one who
may be a resident of an adjoining state at such times and for such term of
office as the bylaws may prescribe, and shall hold office for time for
which elected and until their successors are elected and shall enter upon
the discharge of their duties; but the majority of the stockholders shall
have power at any regular or special stockholders' meeting, legally called,
to remove any director or official for cause, and fill the vacancy, and
thereupon the director so removed shall cease to be a director of said
association: Provided, That prior notice shall have been given to the
stockholders of such meeting and the object thereof.
The officers of every such association shall be: A president, one or
more vice-presidents, a secretary and a treasurer, who shall be elected
annually by the directors, and each of said officers must be a director of
the association, except the secretary who may or may not be a director. The
office of secretary and treasurer may be combined; the person filling the
office shall be secretary-treasurer.
History: L. 1913, ch. 137, § 6; L. 1915, ch. 160, § 1; R.S. 1923, 17-1510; L.
1941, ch. 179, § 1; June 30.