17-4612.Board of trustees; compensation, when; terms; quorum.
(a) The business of a cooperative shall be managed by a board of not
less than five (5) trustees, each of whom shall be a member of the
cooperative. The bylaws shall prescribe the number of trustees, their
qualifications, other than those prescribed in this act, the manner of
holding meetings of the board of trustees and of electing successors to
trustees who shall resign, die, or otherwise be incapable of acting. The
bylaws may also provide for the removal of trustees from office and for
the election of their successors. Trustees shall not receive any
salaries for their services as trustees and except in emergencies, shall
not be employed by the cooperative in any capacity involving
compensation without the approval of the members. The bylaws may,
however, provide that a fixed fee and expenses of attendance may be
allowed to each trustee for attendance at each meeting of the board of
trustees and for other functions duly authorized for and on behalf of
the cooperative.
(b) The trustees of a cooperative named in any articles of
incorporation, consolidation, merger or conversion, shall hold office
until the next annual meeting of the members and until their successors
are elected and qualify. At each annual meeting or, in case of failure
to hold the annual meeting as specified in the bylaws, at a special
meeting called for that purpose, the members shall elect trustees to
hold office until the next annual meeting of the members, except as
otherwise provided in this act. Each trustee shall hold office for the
term for which elected and until a successor is elected and
qualifies.
(c) Instead of electing all the trustees annually, the bylaws may
provide that half of them, or a number as near thereto as possible,
shall be elected to serve until the next annual meeting of the members
and that the remaining trustees shall be elected to serve until the
second succeeding annual meeting. Thereafter, as trustees' terms expire,
the members shall elect their successors to serve until the second
succeeding annual meeting after their election.
(d) Instead of electing the trustees in the manner as provided in
subsections (b) or (c) of this section, the bylaws may provide that the
members shall be elected at such annual meetings to serve for terms of
three (3) years, except that the terms of the first
trustees elected pursuant
to this subsection may be fixed in said bylaws for a number of years not
exceeding three (3), and upon the expiration thereof all members
thereafter to be elected for terms of three (3) years.
(e) A majority of the board of trustees shall constitute a quorum.
(f) If a husband and wife hold a joint membership in a cooperative,
either one, but not both, may be elected a trustee.
History: L. 1941, ch. 185, § 12; L. 1959, ch. 121, § 1; L. 1978,
ch. 81, § 3; July 1.
17-4612.Board of trustees; compensation, when; terms; quorum.
(a) The business of a cooperative shall be managed by a board of not
less than five (5) trustees, each of whom shall be a member of the
cooperative. The bylaws shall prescribe the number of trustees, their
qualifications, other than those prescribed in this act, the manner of
holding meetings of the board of trustees and of electing successors to
trustees who shall resign, die, or otherwise be incapable of acting. The
bylaws may also provide for the removal of trustees from office and for
the election of their successors. Trustees shall not receive any
salaries for their services as trustees and except in emergencies, shall
not be employed by the cooperative in any capacity involving
compensation without the approval of the members. The bylaws may,
however, provide that a fixed fee and expenses of attendance may be
allowed to each trustee for attendance at each meeting of the board of
trustees and for other functions duly authorized for and on behalf of
the cooperative.
(b) The trustees of a cooperative named in any articles of
incorporation, consolidation, merger or conversion, shall hold office
until the next annual meeting of the members and until their successors
are elected and qualify. At each annual meeting or, in case of failure
to hold the annual meeting as specified in the bylaws, at a special
meeting called for that purpose, the members shall elect trustees to
hold office until the next annual meeting of the members, except as
otherwise provided in this act. Each trustee shall hold office for the
term for which elected and until a successor is elected and
qualifies.
(c) Instead of electing all the trustees annually, the bylaws may
provide that half of them, or a number as near thereto as possible,
shall be elected to serve until the next annual meeting of the members
and that the remaining trustees shall be elected to serve until the
second succeeding annual meeting. Thereafter, as trustees' terms expire,
the members shall elect their successors to serve until the second
succeeding annual meeting after their election.
(d) Instead of electing the trustees in the manner as provided in
subsections (b) or (c) of this section, the bylaws may provide that the
members shall be elected at such annual meetings to serve for terms of
three (3) years, except that the terms of the first
trustees elected pursuant
to this subsection may be fixed in said bylaws for a number of years not
exceeding three (3), and upon the expiration thereof all members
thereafter to be elected for terms of three (3) years.
(e) A majority of the board of trustees shall constitute a quorum.
(f) If a husband and wife hold a joint membership in a cooperative,
either one, but not both, may be elected a trustee.
History: L. 1941, ch. 185, § 12; L. 1959, ch. 121, § 1; L. 1978,
ch. 81, § 3; July 1.
17-4612.Board of trustees; compensation, when; terms; quorum.
(a) The business of a cooperative shall be managed by a board of not
less than five (5) trustees, each of whom shall be a member of the
cooperative. The bylaws shall prescribe the number of trustees, their
qualifications, other than those prescribed in this act, the manner of
holding meetings of the board of trustees and of electing successors to
trustees who shall resign, die, or otherwise be incapable of acting. The
bylaws may also provide for the removal of trustees from office and for
the election of their successors. Trustees shall not receive any
salaries for their services as trustees and except in emergencies, shall
not be employed by the cooperative in any capacity involving
compensation without the approval of the members. The bylaws may,
however, provide that a fixed fee and expenses of attendance may be
allowed to each trustee for attendance at each meeting of the board of
trustees and for other functions duly authorized for and on behalf of
the cooperative.
(b) The trustees of a cooperative named in any articles of
incorporation, consolidation, merger or conversion, shall hold office
until the next annual meeting of the members and until their successors
are elected and qualify. At each annual meeting or, in case of failure
to hold the annual meeting as specified in the bylaws, at a special
meeting called for that purpose, the members shall elect trustees to
hold office until the next annual meeting of the members, except as
otherwise provided in this act. Each trustee shall hold office for the
term for which elected and until a successor is elected and
qualifies.
(c) Instead of electing all the trustees annually, the bylaws may
provide that half of them, or a number as near thereto as possible,
shall be elected to serve until the next annual meeting of the members
and that the remaining trustees shall be elected to serve until the
second succeeding annual meeting. Thereafter, as trustees' terms expire,
the members shall elect their successors to serve until the second
succeeding annual meeting after their election.
(d) Instead of electing the trustees in the manner as provided in
subsections (b) or (c) of this section, the bylaws may provide that the
members shall be elected at such annual meetings to serve for terms of
three (3) years, except that the terms of the first
trustees elected pursuant
to this subsection may be fixed in said bylaws for a number of years not
exceeding three (3), and upon the expiration thereof all members
thereafter to be elected for terms of three (3) years.
(e) A majority of the board of trustees shall constitute a quorum.
(f) If a husband and wife hold a joint membership in a cooperative,
either one, but not both, may be elected a trustee.
History: L. 1941, ch. 185, § 12; L. 1959, ch. 121, § 1; L. 1978,
ch. 81, § 3; July 1.