§421-17 Referendum. The articles or bylaws may provide that upon demand of two-fifths of all the directors, any matter of policy that has been approved or passed by the board must be referred to the members for their approval before it becomes effective. No referendum shall be allowed unless it is demanded by the required number of directors at the meeting at which the matter of policy in question is adopted. [L 1949, c 234, pt of §1; RL 1955, §176-18; HRS §421-17]