Section 20 – Voluntary dissolution — Distribution of assets — Proceedings.
3-1-20. Voluntary dissolution — Distribution of assets — Proceedings. (1) (a) An association may be dissolved: (i) at a regular meeting, or a special meeting called for that purpose; (ii) after 30 days advance notice of the time, place, and object of the meeting is served on the members of the association as prescribed in […]
Section 13.2 – Place and notice of directors’ meetings — Action without meeting — Meetings by telephone conference calls.
3-1-13.2. Place and notice of directors’ meetings — Action without meeting — Meetings by telephone conference calls. (1) Regular or special meetings of the board of directors may be held either within or without this state. (2) Regular meetings of the board of directors may be held with or without notice as prescribed in the […]
Section 13.3 – General standards of conduct for directors and officers.
3-1-13.3. General standards of conduct for directors and officers. (1) A director shall perform his duties as a director, and as a member of a committee, and each officer with discretionary authority shall perform his duties under that authority: (a) in good faith; (b) with the care an ordinarily prudent person in a similar position […]
Section 13.4 – Indemnification of officers, directors, employees, fiduciaries, and agents.
3-1-13.4. Indemnification of officers, directors, employees, fiduciaries, and agents. (1) The association shall have the same powers, rights, and obligations and shall be subject to the same liabilities as apply to corporations for profit as set forth in Sections 16-10a-901 through 16-10a-909. (2) (a) Association directors, officers, employees, fiduciaries, and agents shall have the same […]
Section 13.5 – Conflicts of interest.
3-1-13.5. Conflicts of interest. (1) A director does not have a conflict of interest and is entitled to vote on any matter for which the action to be taken or decision to be made by the board relates to matters which have application to other members which are similarly situated to the director or to […]
Section 13.6 – Quorum and voting.
3-1-13.6. Quorum and voting. (1) Unless the articles of incorporation or bylaws require a greater number, a quorum of a board of directors consists of: (a) a majority of the fixed number of directors if the association has a fixed board size; or (b) a majority of the number of directors prescribed, or if no […]
Section 13.7 – Resignation of directors.
3-1-13.7. Resignation of directors. (1) A director may resign by giving written notice to the association. (2) A resignation of a director is effective when the notice is received by the association, unless the notice specifies a future effective date. Enacted by Chapter 204, 1994 General Session
Section 13.8 – Director committees.
3-1-13.8. Director committees. (1) (a) Unless otherwise provided by the articles of incorporation or bylaws, a board of directors may create one or more committees and appoint members of the board of directors to serve on them. (b) Each committee shall have two or more members who serve at the discretion of the board of […]
Section 14 – Removal of director.
3-1-14. Removal of director. Any member may ask for the removal of a director by filing charges with the secretary or president of the association, together with a petition signed by 10 per centum of the members requesting the removal of the director in question. The removal shall be voted upon at the next meeting […]
Section 15 – Officers.
3-1-15. Officers. The board shall elect a president, a secretary and a treasurer, and may elect one or more vice-presidents, and such other officers as may be authorized in the bylaws. Unless the articles otherwise specifically provide, the president and at least one of the vice-presidents shall be directors, but a vice-president who is not […]