26 – Payment of Indemnification Other Than by Court Award.
§ 26. Payment of indemnification other than by court award. (a) A person who has been successful, on the merits or otherwise, in the defense of a civil or criminal action or proceeding of the character described in section twenty-five shall be entitled to indemnification as authorized in such section. (b) Except as provided in […]
27 – Indemnification of Directors and Officers by a Court.
§ 27. Indemnification of directors and officers by a court. (a) Notwithstanding the failure of a cooperative to provide indemnification, and despite any contrary resolution of the board or of the members in the specific case under section twenty-six of this article, indemnification shall be awarded by a court to the extent authorized under section […]
17 – Meetings of Members.
§ 17. Meetings of members. (a) An annual meeting of the members of a cooperative shall be held at such time and place as shall be provided in the by-laws. (b) Special meetings of the members may be called by the president, by the board of directors, by any three directors, or by not less […]
18 – Waiver of Notice.
§ 18. Waiver of notice. Any person entitled to notice of a meeting may waive such notice in writing either before or after such meeting. If any such person shall attend such meeting, such attendance shall constitute a waiver of notice of such meeting, unless such person participates therein solely to object to the transaction […]
19 – Board of Directors.
§ 19. Board of directors. (a) The business of a cooperative shall be managed by a board of not less than five directors, each of whom shall be a member of the cooperative or of another cooperative which is a member thereof. The by-laws shall prescribe the number of directors, their qualifications, other than those […]
10 – Purpose.
§ 10. Purpose. Cooperative, non-profit, membership corporations may be organized under this chapter for the purpose of supplying electric energy and promoting and extending the use thereof in rural areas in accordance with the provisions of this chapter.
11 – Incorporators.
§ 11. Incorporators. Five or more natural persons, or two or more cooperatives, may organize a cooperative in the manner hereinafter provided.
12 – Name.
§ 12. Name. The name of a cooperative shall include the words “Electric” and “Cooperative,” and the abbreviation “Inc.,” and shall be distinct from the name of any other cooperative or corporation organized under the laws of, or authorized to do business in this state. Only a cooperative or corporation doing business in this state […]
13 – Articles of Incorporation.
§ 13. Articles of incorporation. Articles of incorporation of a cooperative shall recite that they are executed pursuant to this chapter and shall state: (1) the name of the cooperative; (2) the address of its principal office; (3) the names and addresses of the incorporators; and (4) the names and addresses of its directors; and […]
14 – Powers.
§ 14. Powers. A cooperative shall have power: (a) To sue and be sued in its corporate name; (b) To have perpetual existence; (c) To adopt a corporate seal and alter the same; (d) To generate, manufacture, purchase, acquire, accumulate and transmit electric energy, and to distribute, sell, supply, and dispose of electric energy to […]