17-1614.   Removal of director or officer.(a) Any member or voting stockholder may bring charges against an officer ordirector by filing them in writing with the secretary of the association,together with a petition signed by 10% of the members, requesting the removalof the officer or director in question. The removal shall be voted upon at thenext regular or special meeting of the association and, by a vote of a majorityof the outstanding shares of voting stock, or if the association is organizedon a one person, one vote plan, then by a majority vote of the association'smembers or voting stockholders present and voting, the officer or director socharged shall be removed. A successor shall be elected to fill the unexpiredportion of the term of such officer or director.

      (b)   The director or officer against whom such charges have been broughtshall be informed in writing of the charges previous to the meeting and shallhave an opportunity at the meeting to be heard in person or by counsel and topresent witnesses; and the person or persons bringing the charges against suchdirector or officer shall have the same opportunity. In case the bylaws providefor election of directors by districts with primary elections in each district,then the petition for removal of a director must be signed by 20% of themembers residing in the district from which such director was elected. Theboard of directors must call a special meeting of the members residing in thatdistrict to consider the removal of the director. By a vote of the majority ofthe members of that district, the director in question shall be removed fromoffice.

      History:   L. 1921, ch. 148, § 14; R.S. 1923, 17-1614; L. 1992, ch.227, § 14; July 1.