15-12-1-34. Marketing Contracts
Sec. 34. (a) An association and its members may make and execute marketing contracts requiring the members to sell, for any period that is not more than ten (10) years: (1) all or any specified part of the members’ agricultural products; or (2) specified commodities; exclusively to or through the association or any facilities to […]
15-12-1-19. Board of Directors; Districts; Primary Elections
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 […]
15-12-1-35. Remedies for Breach of Contract
Sec. 35. (a) The bylaws or a marketing contract of an association may do the following: (1) Fix, as liquidated damages, specific amounts to be paid by the members or stockholders to the association upon the breach of any provision of the marketing contract regarding the sale, delivery, or withholding of products. (2) Provide that […]
15-12-1-20. Board of Directors; Appointment
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 […]
15-12-1-21. Board of Directors; Payment; Restrictions
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 […]
15-12-1-22. Executive Committee; Powers
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.
15-12-1-23. Board of Directors; Vacancies
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 […]
15-12-1-24. Board of Directors; Eligibility
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 […]
15-12-1-25. Board of Directors; Financial Report; Records
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 […]
15-12-1-26. Extension of Credit
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 […]