N.D. Cent. Code § 10-15-25

This is the official text of N.D. Cent. Code § 10-15-25, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.

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10-15-25. Directors - Number, election, removal, and vacancies

Official statutory text

10-15-25. Directors - Number, election, removal, and vacancies

1. The business and affairs of a cooperative shall be managed by a board of directors.

Every director shall be a member or a representative of a member who is other than a

natural person. The bylaws shall prescribe any other qualifications for directors and

may provide that directors be from specified territorial districts.

2. The number of directors shall not be less than five, provided that in a cooperative with

less than fifty members, the number of directors shall not be less than three. However,

the number of directors required of a cooperative association shall never be greater

than the number of members of the association. Subject to such limitation, the number

shall be fixed in the articles, or if the articles so provide, in the bylaws.

3. The directors constituting the temporary board, named in the articles, shall hold office

until the first member meeting. At that meeting and thereafter, directors shall be

elected by the members at a member meeting in the manner and for the terms

provided in the bylaws. If the bylaws provide that directors be from specified territorial

districts, the articles may limit voting for any director to members from within the

territorial district from which such director is to be elected. Unless the bylaws provide

otherwise, a director's term of office shall be one year. Each director shall hold office

for the term for which elected and until a successor takes office. The bylaws may

permit selection of alternates to take the place of directors absent at a meeting of the

board.

4. Unless the bylaws provide otherwise, a director may be removed upon a majority vote

of all members.

5. Unless the bylaws provide otherwise, any vacancy existing in the board may be filled

until the next annual meeting by appointment by a majority vote of the directors then in

office.

Status: in_force · Read it on the official government site

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