17-1614. Removal of director or officer.
17-1614
17-1614. Removal of director or officer.
(a) Any member or voting stockholder may bring charges against an officer or
director by filing them in writing with the secretary of the association,
together with a petition signed by 10% of the members, requesting the removal
of the officer or director in question. The removal shall be voted upon at the
next regular or special meeting of the association and, by a vote of a majority
of the outstanding shares of voting stock, or if the association is organized
on a one person, one vote plan, then by a majority vote of the association's
members or voting stockholders present and voting, the officer or director so
charged shall be removed. A successor shall be elected to fill the unexpired
portion of the term of such officer or director.
(b) The director or officer against whom such charges have been brought
shall be informed in writing of the charges previous to the meeting and shall
have an opportunity at the meeting to be heard in person or by counsel and to
present witnesses; and the person or persons bringing the charges against such
director or officer shall have the same opportunity. In case the bylaws provide
for 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 the
members residing in the district from which such director was elected. The
board of directors must call a special meeting of the members residing in that
district to consider the removal of the director. By a vote of the majority of
the members of that district, the director in question shall be removed from
office.
History: L. 1921, ch. 148, § 14; R.S. 1923, 17-1614; L. 1992, ch.
227, § 14; July 1.