§ 43-38-518. Proposal to Take Action Without a Meeting — Notice — Procedure for Calling a Meeting
Except with respect to dissolution, liquidation or merger, the board of directors may, acting on the board’s initiative, make a proposal to the members to take an action without a meeting. All members entitled to vote shall be given written notice of the proposal. The notice shall require a written response within a specified time, […]
§ 43-38-519. Quorum Requirements
The quorum for a members’ meeting to transact business shall be: Ten percent (10%) of the total number of members for a cooperative with five hundred (500) or fewer members; or Fifty (50) members for cooperatives with more than five hundred (500) members. In determining a quorum at a meeting, on a question submitted to […]
§ 43-38-520. Action of Members After Vote — Class or Series of Memberships
The members shall take action by the affirmative vote of the owners of the greater of: A majority of the voting power of the membership interests present and entitled to vote on that item of business in a meeting in which a quorum is present; or A majority of the voting power that would constitute […]
§ 43-38-521. Proxy Voting Prohibited
Voting shall not be by proxy, except as provided in § 43-38-522(d).
§ 43-38-522. Number of Votes Allowed — Time for Voting — Method of Voting — Members Represented by Delegates — Absentee Ballots
A patron member of a cooperative is only entitled to one (1) vote on an issue to be voted upon by members holding patron membership interests, except that a patron member of a cooperative described in § 43-38-523 may be entitled to more than one (1) vote as provided in that section. On any matter […]
§ 43-38-507. Judgment Creditors of Members
On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the member’s financial rights with payment of the unsatisfied amount of the judgment with interest. To the extent so charged, the judgment creditor has only the rights of an assignee of the member’s financial rights under […]
§ 43-38-508. Death, Incompetence, or Bankruptcy of Member — Member That Is Dissolved, Terminated, or in Receivership
If a member who is an individual dies, a court of competent jurisdiction adjudges the member to be incompetent to manage the member’s person or property, or the court places the individual in bankruptcy, the member’s executor, administrator, guardian, conservator, trustee, or other legal representative, except as otherwise provided in the articles or bylaws, may […]
§ 43-38-509. Contribution Agreements or Contribution Allowance Agreements — Preemptive Rights
Unless otherwise specifically provided in the articles or bylaws, members or parties, other than the cooperative, to a contribution agreement or a contribution allowance agreement shall not have preemptive rights. If the articles or bylaws provide for the possibility of preemptive rights, these rights shall be granted on the terms and conditions prescribed in the […]
§ 43-38-510. Annual Members’ Meetings
Regular members’ meetings shall be held annually at a time determined by the board, unless otherwise provided for in the bylaws. The regular members’ meeting shall be held at the principal place of business of the cooperative or at another conveniently located place as determined by the bylaws or the board. The officers shall submit […]
§ 43-38-511. Special Members’ Meetings
Special members’ meetings of the members may be called by: A majority vote of the board; or The written petition of at least twenty percent (20%) of the patron members, twenty percent (20%) of the nonpatron members or twenty percent (20%) of all members collectively, submitted to the chair. The cooperative shall give notice of […]