§ 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 […]
§ 59-13-114. Meetings
In its bylaws, each association shall provide for one (1) or more regular meetings annually. The board of directors shall have the right to call a special meeting at any time; and ten percent (10%) of the members or stockholders may file a petition stating the specific business to be brought before the association and […]
§ 59-13-115. Board of Directors
The affairs of the association shall be managed by a board of not fewer than three (3) directors, elected by the members or stockholders not from their own number. The bylaws may provide that one (1) or more directors may be appointed by any public official or commission or by the other directors selected by […]
§ 59-13-116. Compensation of Officers and Directors
An association may provide a fair remuneration for the time actually spent by its officers and directors in its service and for the service of the members of its executive committee.
§ 59-13-117. Contracts and Positions of Directors — Prohibitions
No director, during the term of the director’s 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 […]
§ 59-13-118. Executive Committee
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.
§ 59-13-119. Vacancies on Board
When a vacancy on the board of directors occurs, a majority vote of the executive committee shall fill the vacancy. A director elected to fill a vacancy shall be elected for the predecessor’s unexpired term in office. Any directorship to be filled by reason of an increase in the number of directors may be filled […]
§ 59-13-120. Election of Officers
The directors shall elect from their number a president and may elect one (1) or more vice presidents. They shall also elect a secretary and a treasurer; and they may combine the two (2) latter offices and designate the combined office as secretary-treasurer; or unite both functions and titles in one (1) person. The treasurer […]
§ 59-13-121. Surety Bonds
Every officer, employee, and agent handling funds or negotiable instruments or property of or for any association created hereunder shall be required to execute and deliver adequate bond for the faithful performance of duties and obligations.
§ 59-13-122. Certificates of Membership
When a member of an association established without capital stock has paid the membership fee in full, the member shall receive a certificate of membership.