An association shall be managed by a board of not less than five directors, who shall be elected by and from the members of the association, and shall hold office until their successors are elected, or until removed. Vacancies in the board of directors, otherwise than by removal or expiration of term, shall be filled in such manner as the by-laws [bylaws] may provide.
The by-laws [bylaws] may provide for a method of apportioning the number of directors among the units into which the association may be divided, and for the election of directors by the respective units to which they are apportioned.
An executive committee of the board of directors may be elected in such a manner and with such powers and duties as the articles or by-laws [bylaws] may prescribe.
Meetings of directors or of the executive committee may be held within or without the state.
History: Laws 1939, ch. 164, § 18; 1941 Comp., § 54-1418; 1953 Comp., § 51-15-18.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 18 Am. Jur. 2d Cooperative Associations §§ 18, 19; 18A Am. Jur. 2d Corporations §§ 953 to 955, 986, 1159; 18B Am. Jur. 2d Corporations §§ 1362, 1363, 1365, 1366, 1371, 1381.
19 C.J.S. Corporations §§ 433 to 553; 43 C.J.S. Industrial Cooperative Societies § 8.