(1) A limited cooperative association must have a board of directors of at least three individuals unless the association has fewer than three members. If the association has fewer than three members, the number of directors may not be fewer than the number of members.
The affairs of a limited cooperative association must be managed by, or under thedirection of, the board of directors. The board may adopt policies and procedures that do not conflict with the articles, bylaws, or this article.
An individual is not an agent for a limited cooperative association solely by being adirector.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 790, § 1, effective April 2, 2012.