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 […]
15-12-1-27. Election of Officers
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 […]
15-12-1-28. Membership Certificates
Sec. 28. (a) A certificate of membership or a share or shares of voting stock may not be issued by an association until the membership fee or consideration for the share of stock has been paid in full. A promissory note may be accepted in full or partial payment for a share of stock or […]
15-12-1-13. Presentation of Articles of Incorporation
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 […]
15-12-1-14. Association; Merging, Consolidating, or Dissolving Association; Amending Articles of Incorporation
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 […]
15-12-1-15. Bylaws; Adoption and Amendment; Scope
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 […]