§10-2011 General powers of directors; election; compensation
Title 10 – Corporations and Associations
Chapter 19 – Not for Profit Corporations and associations, Cooperatives and Fraternal and Benevolent societies
Article 1 – Cooperative Marketing associations
- A. The affairs of the association shall be managed by the board of directors elected by the members from their number. The bylaws may provide that the territory in which the association has members be divided into districts and that the directors be elected according to such districts. If the territory is so divided the bylaws shall also specify the number of directors to be elected by each district, the manner and method of apportioning the directors and of dividing the territory into districts. The bylaws may provide that primary elections be held in each district to elect the directors apportioned to the districts, and the result of such elections shall be ratified by the next regular meeting of the association. The bylaws may further provide that additional directors be elected at large and the manner of their election.
- B. The association may provide a fair remuneration for the time actually spent by its officers and directors in its service.
- C. If a vacancy on the board occurs other than by expiration of term, the remaining members by a majority vote shall fill the vacancy.