§ 59-13-136. Interests in Warehousing Corporations
If such corporations are warehousing corporations, they may issue legal warehouse receipts to the association against the commodities delivered by it, or to any other person and such legal warehouse receipts shall be considered as adequate collateral to the extent of the usual and current value of the commodity represented. In case such warehouse is […]
§ 59-13-124. Liability of Members
No member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on the membership fee or the subscription to the capital stock, including any unpaid balance on any promissory notes given in payment thereof.
§ 59-13-125. Number of Votes of Members or Stockholders
No member or stockholder shall be entitled to more than one (1) vote, regardless of the number of shares of common stock owned by the member or stockholder.
§ 59-13-126. Preferred Stock
Any association organized with stock under this chapter may issue preferred stock, with or without the right to vote. Such 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 […]
§ 59-13-127. Prohibited Transfer of Common Stock
The bylaws shall prohibit the transfer of the common stock of the association to persons not engaged in the production of coal or coal products handled by the association; and such restrictions must be printed upon every certificate of stock subject thereof.
§ 59-13-128. Purchase of Common Stock by Association
The association may, at any time, as specified in the bylaws, except when the debts of the association exceed fifty percent (50%) of the association’s assets, buy in or purchase its common stock at book value, as conclusively determined by the board of directors, and pay for it in cash within one (1) year thereafter.
§ 59-13-129. 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 a majority 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 meeting […]
§ 59-13-130. Referral of Policy to Membership
Upon demand of two thirds (2/3) 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 […]
§ 59-13-131. Marketing Contracts — Sales to or Through Associations
The association through its board of directors may bid for and execute marketing contracts subject to a majority vote of its members requiring the members to sell, for any period of time, not over ten (10) years, all or any specified part of their coal exclusively to or through the association, or any facilities to […]
§ 59-13-132. Breach of Contract — Payment of Damages and Costs — Injunctions
The bylaws or the marketing contract may fix, as liquidated damages, specific sums to be paid by the members or stockholders to the association upon the breach by such members or stockholders of any provision of the marketing contract regarding the sale or delivery or withholding of products; and may further provide that such members […]