(1) Unless the articles or bylaws otherwise provide:
Members may remove a director with or without cause.
A member or members holding at least ten percent of the total voting power entitledto be voted in the election of a director may demand removal of the director by one or more signed petitions submitted to the officer of the limited cooperative association charged with keeping its records.
Upon receipt of a petition for removal of a director, an officer of the association orthe board of directors shall:
Call a special meeting of members to be held not later than ninety days after receiptof the petition by the association; and
Mail or otherwise transmit or deliver in a record to the members entitled to vote onthe removal, and to the director to be removed, notice of the meeting that complies with section 7-58-508.
(d) A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director.
Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 792, § 1, effective April 2, 2012.