21-2955. Qualifications of directors and composition of board.
(1) A director shall be an individual or individual representative of a member that is not an individual.
(2) The articles of organization or bylaws may provide for qualification of directors subject to this section.
(3) Except as otherwise provided in the articles of organization or bylaws and subject to subsections (4) and (5) of this section, each director shall be a member of the limited cooperative association or a designee of a member that is not an individual.
(4) Unless otherwise provided in the articles of organization or bylaws, a director may be an officer or employee of the limited cooperative association.
(5) If the limited cooperative association is permitted to have nonmember directors by its articles of organization or bylaws, the number of nonmember directors shall not exceed:
(a) One director, if there are two, three, or four directors; and
(b) One-fifth of the total number of directors, if there are five or more directors.
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