§ 43-16-125. Liability of Members for Debts
No member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on the member’s membership fee or the member’s subscription to the capital stock, including any unpaid balance on any promissory notes given in payment of that amount.
§ 43-16-126. Member or Stockholder Entitled to Only One Vote
No member or stockholder shall be entitled to more than one (1) vote, regardless of the number of shares of common stock owned by that person.
§ 43-16-127. Preferred Stock — Redemption or Retirement
Any association organized with stock under this chapter may issue preferred stock, with or without the right to vote. Preferred stock may be sold to any person, member or nonmember, and may be redeemable or retireable by the association on such terms and conditions as may be provided for by the articles of incorporation and […]
§ 43-16-118. Directors Not to Be Interested in Contracts for Profit — Directors Occupying Positions in Association
No director, during that director’s term of office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of common stock of the association or others, or differing from terms generally current in that district. The bylaws may provide that […]
§ 43-16-119. Executive Committee and Its Functions
The bylaws may provide for an executive committee and may allot to such committee all the functions and powers of the board of directors, subject to the general direction and control of the board.
§ 43-16-108. Powers of Incorporated Association
Each association incorporated under this chapter has the power to: Engage in activity in connection with the marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, packing, grading, storing, handling, or utilization of any agricultural products produced or delivered to it by its members, or the manufacturing, or marketing of the by-products thereof; or any activity […]
§ 43-16-109. Members — Qualifications
Under the terms and conditions prescribed in the bylaws adopted by it, an association may admit as members, or issue common stock to, only persons engaged in the production of the agricultural products to be handled by or through the association, including the lessees and tenants of land used for the production of such products […]
§ 43-16-110. Articles of Incorporation — Preparing and Filing — Contents
Each association formed under this chapter must prepare and file articles of incorporation, setting forth: The name of the association; The purpose for which it is formed; The place where its principal business will be transacted; The duration of the association, if other than perpetual. If the charter of any association organized under this chapter […]
§ 43-16-111. Capital Stock — Articles Specifying Division Into Preferred and Common Stock
The capital stock may be divided into preferred and common stock. If so divided, the articles of incorporation must contain a statement of the number of shares of stock to which preference is granted and the number of shares of stock to which no preference is granted, and the nature and definite extent of the […]
§ 43-16-112. Articles to Be Signed, Acknowledged, and Filed — Prima Facie Evidence of Incorporation
The articles must be signed by the incorporators; and when filed, the articles of incorporation, or certified copies thereof, shall be received in all the courts of this state and other places as prima facie evidence of the due incorporation of the association.