(1) Unless the articles or bylaws otherwise provide, and subject to subsection (3) of this section, each director of a limited cooperative association must be an individual who is a member of the association or an individual who is designated by a member that is not an individual for purposes of qualifying and serving as a director; except that initial directors need not be members or designees of a member. A director must be at least eighteen years of age.
Unless the articles or bylaws otherwise provide, a director may be an officer or employee of the limited cooperative association.
If the articles or bylaws provide for nonmember directors, the number of nonmemberdirectors may not exceed:
One, if there are two to four directors;
Two, if there are five to eight directors; or
One-third of the total number of directors if there are at least nine directors.
(4) The articles or bylaws may provide qualifications for directors in addition to those in this section.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 791, § 1, effective April 2, 2012.