Section 2-10-50 Definitions. As used in this article, the following words and phrases shall have the meanings respectively ascribed to them in this section: (1) AGRICULTURAL PRODUCTS. Such term shall include horticultural, viticultural, forestry, dairy, livestock, poultry, bee, fish, aquatic and seafood products and any farm products. (2) MEMBER. Such term shall include actual members […]
Section 2-10-51 Nonprofit associations. Associations organized under this article shall be deemed nonprofit, inasmuch as they are not organized to make profits for themselves as such or for their members as such, but only for their members as producers. (Acts 1921, Ex. Sess., No. 31, p. 38; Code 1923, §7128; Code 1940, T. 2, §86.)
Section 2-10-52 Who may form association. Five or more persons engaged in the production of agricultural products may form a nonprofit cooperative association, with or without capital stock, under the provisions of this article. (Acts 1921, Ex. Sess., No. 31, p. 38; Code 1923, §7129; Code 1940, T. 2, §87.)
Section 2-10-53 Objects of association. An association may be organized under this article to engage in any activity in connection with the marketing or selling of the agricultural products of its members or with the harvesting, preserving, drying, processing, canning, packing, storing, handling, shipping, ginning or utilization thereof or in connection with the manufacturing, selling […]
Section 2-10-54 Powers of association. Each association incorporated under this article shall have the following powers: (1) To engage in any activity in connection with the marketing, selling, harvesting, preserving, drying, processing, canning, packing, storing, handling, ginning or utilization of any agricultural products produced or delivered to it by its members; (2) To engage in […]
Section 2-10-55 Who may become members or stockholders. Under the terms and conditions prescribed in its bylaws, an association may admit as members (or issue common stock to) only persons or associations or corporations composed solely of persons engaged in the production of the agricultural products to be handled by or through the association, including […]
Section 2-10-56 Contents of articles of incorporation; signing, acknowledgment and filing. Each association formed under this article shall prepare and file articles of incorporation, setting forth: the name of the association; the purposes for which it was formed; the place where its principal business will be transacted; the term for which it is to exist; […]
Section 2-10-57 Amendments to articles of incorporation. The articles of incorporation or charter of any cooperative or mutual association of farmers organized under the provisions of this article may be altered or amended at any regular meeting of the members or at any special meeting called for that purpose; provided that a quorum shall be […]
Section 2-10-58 Provisions of bylaws. Each association incorporated under this article shall, within 30 days after its incorporation, adopt for its government and management bylaws not inconsistent with the powers granted by this article. A majority vote of the members or stockholders or their written assent is necessary to adopt such bylaws. Each association, under […]
Section 2-10-59 Regular and special meetings of members. In its bylaws each association shall provide for one or more regular meetings annually. The board of directors shall have the right to call a special meeting at any time, and 10 percent of the members or stockholders may file a petition stating the specific business to […]
Section 2-10-60 Selection of directors; contracts with association; vacancies. The affairs of an association shall be managed by a board of not less than five directors, elected by the members or stockholders from their own number. The bylaws may provide that the territory in which the association has members shall be divided into districts and […]
Section 2-10-61 Officers. The directors of each association shall elect from their number a president and one or more vice-presidents. They shall also elect a secretary and a treasurer, who need not be directors, and they may combine the two latter offices and designate the combined office as secretary-treasurer. The treasurer may be a bank […]
Section 2-10-62 Certificate of membership; stock of association; member’s liability for association’s debts. When a member of an association established without capital stock has paid his membership fee in full, he shall receive a certificate of membership. No association shall issue stock to a member until it has been fully paid for. The promissory notes […]
Section 2-10-63 Removal of officer or director. Any member may bring charges against an officer or director by filing them in writing with the secretary of the association, together with a petition signed by 10 percent of the members, requesting the removal of the officer or director in question. The removal shall be voted upon […]
Section 2-10-64 Referring questions to entire membership. Upon demand of one third of the entire board of directors, any matter that has been approved or passed by the board must be referred to the entire membership or the stockholders for decision at the next special or regular meeting, but a special meeting may be called […]
Section 2-10-65 Marketing contracts. The association and its members may make and execute marketing contracts, requiring the members to sell, for any period of time not over 10 years, all or any specified part of their agricultural products or specified commodities exclusively to or through the association or any facilities to be created by the […]
Section 2-10-66 Exchange of stock. Whenever an association organized under this article with preferred capital stock shall purchase the stock or any property or any interest in any property of any person, firm, corporation or association, it may discharge the obligations so incurred, wholly or in part, by exchanging for the acquired interest shares of […]
Section 2-10-67 Annual report of association. Each association formed under this article shall prepare and make out an annual report on forms furnished by the Secretary of State, containing the name of the association, its principal place of business and a general statement of its business operations during the fiscal year, showing the amount of […]
Section 2-10-68 Conflicting laws not applicable. Any provisions of law which are in conflict with this article shall not be construed as applying to the associations provided for in this article. (Acts 1921, Ex. Sess., No. 31, p. 38; Code 1923, §7146; Code 1940, T. 2, §104.)
Section 2-10-69 Association may form, own or control another corporation. The association may organize, form, operate, own, control, have an interest in, own stock of or be a member of any other corporation or corporations, with or without capital stock, engaged in preserving, drying, processing, canning, packing, storing, handling, shipping, ginning, utilizing, manufacturing, marketing or […]
