§421I-3 Board of directors; election. (a) A meeting of the corporation for the purpose of electing the board of directors shall be held not later than one hundred eighty days after the first conveyance of a dwelling unit to a shareholder, if at least forty per cent of the dwelling units have been conveyed by that time. If forty per cent of the dwelling units have not been conveyed within one year after the first conveyance, the meeting of the corporation may be held upon the call of the owners of at least ten per cent of the shares by a petition presented to the secretary of the corporation.
(b) Every member of the board of directors shall be:
(1) A shareholder of the cooperation;
(2) A spouse of a shareholder; or
(3) A trust beneficiary, if the shareholder is a trustee.
(c) Each dwelling unit shall have only one representative on the board of directors. [L 1993, c 282, pt of §1]