Sec. 1. (a) The following are the purposes of this chapter: (1) To promote, foster, and encourage the intelligent and orderly production and marketing of agricultural products through cooperation. (2) To eliminate speculation and waste. (3) To make the distribution of agricultural products between producer and consumer as direct as can be efficiently done. (4) […]
Sec. 10. Each association incorporated under this chapter has the following powers: (1) To engage in any activity in connection with the following: (A) Producing, marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, packing, grading, storing, handling, or use of any agricultural products produced or delivered to the association by the association’s members or others. […]
Sec. 11. (a) An association may under the terms and conditions prescribed in the bylaws adopted by the association admit as members or issue common and voting stock to any of the following: (1) The individuals or political subdivisions of Indiana that meet the requirements of subsection (b). (2) The associations that meet the requirements […]
Sec. 12. (a) The incorporators of an association to be formed under this chapter shall execute and file articles of incorporation setting forth the following: (1) The name of the proposed association. (2) The purpose or purposes for which it is formed. (3) The period during which it is to continue to exist, if the […]
Sec. 13. (a) Upon presentation of articles of incorporation that comply with the requirements of this chapter, if the secretary of state finds that the articles of incorporation conform to law, the secretary of state shall do the following: (1) Endorse the secretary of state’s approval upon the duplicate copies of the articles. (2) When […]
Sec. 14. (a) Subject to subsections (b) and (c), an association may amend the association’s articles of incorporation, merge or consolidate with one (1) or more other associations or corporations, effect special corporate transactions as described in IC 23-1, or dissolve by following the procedures specified in IC 23-1. (b) An amendment to the articles […]
Sec. 15. (a) Each association organized under or governed by this chapter shall, not more than thirty (30) days after the association’s incorporation or after the association’s acceptance of the requirements of this chapter, adopt a code of bylaws. (b) The power to adopt, make, alter, amend, or repeal the bylaws is vested in the […]
Sec. 16. (a) Each association shall provide in the association’s bylaws for one (1) or more regular meetings annually. (b) The board of directors of an association may call a special meeting at any time. (c) Ten percent (10%) of the members or stockholders of an association may file a petition stating the specific business […]
Sec. 17. (a) The business and affairs of an association shall be managed by a board of directors of at least five (5) directors. Subject to this limitation, unless specifically provided in the articles of incorporation, the number of directors shall be fixed by the bylaws, except as to the number constituting the initial board […]
Sec. 18. Except as otherwise provided in this chapter, the directors: (1) shall be elected by the members at the annual meeting of the members; and (2) may, if provided in the bylaws, be elected for terms of office that expire at different times. A term of office may not continue for longer than three […]
Sec. 19. The territory served by an association may be divided into districts and the directors elected according to districts. In this case, the bylaws must specify: (1) the number of directors to be elected in each district; and (2) the manner and method of reapportioning the directors and of redistricting the territory served by […]
Sec. 2. The definitions in IC 23-1 apply to this chapter to the extent they do not conflict with the definitions in this chapter. [Pre-2008 Recodification Citation: 15-7-1-2(f).] As added by P.L.2-2008, SEC.3.
Sec. 20. One (1) or more directors may be appointed by any public official or commission or by the other directors elected by the members or their delegates. Directors appointed as provided in this section: (1) shall represent primarily the interest of the general public in the association, but have the same powers and rights […]
Sec. 21. (a) An association may provide a fair remuneration for: (1) the time actually spent by the association’s officers and directors in the association’s service; and (2) the service of the members of the association’s executive committee and other committees. (b) A director may not during the term of the director’s office be a […]
Sec. 22. If the association’s bylaws provide for an executive committee, all of the functions and powers of the board of directors may be delegated to the committee, subject to the general direction and control of the board. [Pre-2008 Recodification Citation: 15-7-1-11(f).] As added by P.L.2-2008, SEC.3.
Sec. 23. When a vacancy on the board of directors occurs, other than by expiration of term of office, the remaining members of the board may fill the vacancy by a majority vote of the remaining members, unless the bylaws provide for the election of directors by districts. If the bylaws provide for the election […]
Sec. 24. (a) Each director must during the director’s term of office be a citizen of the United States. Each director, other than a public director, must be engaged in or have a direct interest in the production of agricultural products. (b) An association may provide in the association’s bylaws that a person is not […]
Sec. 25. (a) The board of directors shall require a report to be presented to the board, at intervals determined by the board but not less often than semiannually, showing: (1) the amount of indebtedness owed to the association by each director, officer, and employee at the close of the period; and (2) the amount […]
Sec. 26. (a) An association may provide in the association’s bylaws limits within which the association may extend credit, either directly or indirectly, to any director, officer, or employee of the association. (b) A person who is a director, officer, or employee of the association may not be extended credit on terms that are more […]
Sec. 27. (a) The officers of an association must consist of a president, one (1) or more vice presidents, a secretary, a treasurer, and other officers that may be prescribed by the bylaws. Each officer shall be elected or appointed by the board of directors at the time, in the manner, and for the terms […]
