(1) Unless the articles or bylaws require a greater number:
(a) The number of directors that must be patron members may not be fewer than:
One, if there are two or three directors;
Two, if there are four or five directors;
Three, if there are six to eight directors; or
One-third of the directors if there are at least nine directors; and
(b) A majority of the board of directors must be elected exclusively by patron members.
Unless the articles or bylaws otherwise provide, if a limited cooperative associationhas investor members, directors who are investor members and who are not elected exclusively by patron members must be elected by the investor members.
Unless the articles or bylaws otherwise provide, all nonmember directors, if any,must be elected by the patron members and the investor members.
Subject to subsection (1) of this section, the articles or bylaws may provide for theelection of all or a specified number of directors by one or more districts or classes of members.
Subject to subsection (1) of this section, the articles or bylaws may provide for thenomination or election of directors by districts or classes, directly or by district delegates.
If a class of members consists of a single member, the articles or bylaws may providefor the member to appoint a director or directors.
Unless the articles or bylaws otherwise provide, cumulative voting for directors isprohibited.
Except as otherwise provided by the articles, bylaws, subsection (6) of this section,or section 7-58-303, 7-58-516, 7-58-517, or 7-58-809, member directors must be elected at an annual members meeting.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 791, § 1, effective April 2, 2012.