(a) Unless the organic rules otherwise provide, and subject to subsection (c) of this section, each director of a limited cooperative association shall 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. Initial directors need not be members.
(b) Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association.
(c) If the organic rules provide for nonmember directors, the number of nonmember directors shall not exceed:
(1) One, if there are 2 through 4 directors;
(2) Two, if there are 5 through 8 directors; or
(3) One-third of the total number of directors if there are at least 9 directors.
(d) The organic rules may provide qualifications for directors in addition to those in this section.
(July 2, 2011, D.C. Law 18-378, § 2, 58 DCR 1720.)
Section ReferencesThis section is referenced in § 29-1001.09.
Editor's NotesUniform Law: This section is based on § 803 of the Uniform Limited Cooperative Association Act. Edition