§ 43-16-130. Removal of Officers or Directors
Any member may bring charges against an officer or director by filing them in writing with the secretary of the association, together with a petition signed by five percent (5%) of the members, requesting the removal of the officer or director in question. The removal shall be voted upon at the next regular or special […]
§ 43-16-131. Procedure for Removal of Directors Elected in a District
In case the bylaws provide for election of directors by districts with primary elections in each district, then the petition for removal of a director must be signed by twenty percent (20%) of the members residing in the district from which the director was elected. The board of directors must call a special meeting of […]
§ 43-16-132. Referendum of Policy Matters Upon Demand to Entire Membership
Upon demand of one third (1/3) of the entire board of directors, made immediately and so recorded at the same meeting at which the original motion was passed, any matter of policy that has been approved or passed by the board must be referred to the entire membership or the stockholders for decision at the […]
§ 43-16-133. Marketing Contracts With Association
The association and its members may make and execute marketing contracts, requiring the members to sell, for any period of time, not over ten (10) years, all or any specified part of their agricultural products or specified commodities exclusively to or through the association, or any facilities to be created by the association. If they […]
§ 43-16-134. Provisions of Marketing Contracts — Liquidated Damages — Injunction Against Breach
The bylaws or the marketing contract may fix, as liquidated damages, specific sums to be paid by the member or stockholder to the association upon the breach by the member or stockholder of any provision of the marketing contract regarding the sale or delivery or withholding of products, and may further provide that the member […]
§ 43-16-135. Purchase of Property With Preferred Stock
Whenever an association, organized under this chapter with preferred capital stock, purchases the stock or any property, or any interest in any property of any person, it may discharge the obligations so incurred, wholly or in part, by exchanging for the acquired interest, shares of its preferred capital stock to an amount that at par […]
§ 43-16-137. Conflicting Laws Do Not Apply
Any law that is in conflict with this chapter shall be construed as not applying to the associations provided for in this chapter.
§ 43-16-138. Exemptions of Agricultural Products Apply, Though in Possession of Association
Any exemptions whatsoever under all existing laws applying to agricultural products in the possession or under the control of the individual producer shall apply similarly and completely to such products delivered by its former members in the possession or under the control of the association.
§ 43-16-121. Officers Elected by Directors — Treasurer
The directors shall elect from their number a president and one (1) or more vice presidents. They shall also elect a secretary and a treasurer, who need not be directors or members of the association; and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer; or unite both functions […]
§ 43-16-122. Bonds — of Whom Required
Every officer, employee, and agent handling funds or negotiable instruments or property of or for any association created under this chapter shall be required to execute and deliver adequate bond for the faithful performance of that person’s duties and obligations.