Section 23 – Use of term “cooperative” limited.
3-1-23. Use of term “cooperative” limited. No person, firm, corporation, or association, domestic or foreign, hereafter commencing business in this state shall use the word “cooperative” as a part of its corporate or business name unless it has complied with the provisions of this act or some other statute of this state relating to co-operative […]
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 […]
Section 10 – Members — Qualifications and liabilities — Voting rights.
3-1-10. Members — Qualifications and liabilities — Voting rights. (1) As used in this section, “patronage” means business or services transacted or performed by a member or shareholder with an association. (2) (a) An association may only have as members or issue common stock to: (i) current producers of agricultural products; (ii) tenants and landlords […]
Section 15.1 – Duties of officers.
3-1-15.1. Duties of officers. Each officer has the authority and shall perform the duties set forth in the bylaws, or, to the extent consistent with the bylaws, the duties prescribed by the directors or by the officer authorized by the board of directors to prescribe the duties of other officers. Amended by Chapter 378, 2010 […]
Section 11 – Certificates of and termination of membership — Dividends and distribution of reserves — Preferred stock — Certificates of interest — Unclaimed credits.
Effective 5/12/2020 3-1-11. Certificates of and termination of membership — Dividends and distribution of reserves — Preferred stock — Certificates of interest — Unclaimed credits. (1) No certificate for membership or stock shall be issued until fully paid for, but bylaws may provide that a member may vote and hold office prior to payment in […]
Section 16 – Removal of officer.
3-1-16. Removal of officer. Any member may bring charges of misconduct or incompetency against an officer by filing them with the secretary or president of the association, together with a petition signed by 10% of the members requesting the removal of the officer in question. The directors shall vote upon the removal of the officer […]
Section 12 – Meetings.
3-1-12. Meetings. Within 90 days after the incorporation of an association the members thereof shall hold an organization meeting at a time and place fixed by the temporary board of directors. Not less than 10 days’ written notice thereof shall be given to each member. An association may provide in its bylaws for one or […]
Section 16.1 – Resignation of officers.
3-1-16.1. Resignation of officers. (1) An officer may resign by giving written notice of the resignation to the association. (2) A resignation of an officer is effective when the notice is received by the association, unless the notice specifies a future effective date. (3) If a resignation is to be effective as of a future […]
Section 12.1 – Quorum — Voting.
3-1-12.1. Quorum — Voting. (1) The bylaws of the association shall prescribe the number of members or shareholders which constitutes a quorum. (2) Where a quorum was initially present at a meeting, a majority vote of the votes entitled to be cast shall be necessary for the adoption of any matter on which a vote […]
Section 17 – Contracts with association.
3-1-17. Contracts with association. (1) (a) The bylaws may require members to execute contracts with the association in which the members agree to patronize the facilities created by the association, and to sell all or a specified part of their products to or through it, or to buy all or a specified part of their […]