§ 401. Authority to amend organic rules (a) A mutual benefit enterprise may amend its organic rules under this article for any lawful purpose. In addition, the initial board of directors may amend the bylaws of an enterprise under section 304 of this title. (b) Unless the organic rules otherwise provide, a member does not […]
§ 402. Notice and action on amendment of organic rules (a) Except as provided in subsections 401(a) and 405(f) of this title, the organic rules of a mutual benefit enterprise may be amended only at a members’ meeting. An amendment may be proposed by either: (1) a majority of the board of directors or a […]
§ 403. Method of voting on amendment of organic rules (a) A substantive change to a proposed amendment of the organic rules may not be made at the members’ meeting at which a vote on the amendment occurs. (b) A nonsubstantive change to a proposed amendment of the organic rules may be made at the […]
§ 404. Voting by district, class, or voting group (a) This section applies if the organic rules provide for voting by district or class or if there is one or more identifiable voting groups that a proposed amendment to the organic rules would affect differently from other members with respect to matters identified in subdivisions […]
§ 405. Approval of amendment (a) Subject to section 404 of this title and subsections (c) and (d) of this section, an amendment to the articles of organization shall be approved by: (1) at least two-thirds of the voting power of members present at a members’ meeting called under section 402 of this title; and […]
§ 406. Restated articles of organization A mutual benefit enterprise, by the affirmative vote of a majority of the board of directors taken at a meeting for which the purpose is stated in the notice of the meeting, may adopt restated articles of organization that contain the original articles as previously amended. Restated articles may […]
§ 407. Amendment or restatement of articles of organization; filing (a) To amend its articles of organization, a mutual benefit enterprise shall deliver to the Secretary of State for filing an amendment of the articles or restated articles of organization or articles of conversion or merger pursuant to article 16 of this title which contain […]
