16-16-506 - Annual meeting of members.
16-16-506. Annual meeting of members.
(1) Members shall meet annually at a time provided in the organic rules or set by theboard of directors not inconsistent with the organic rules.
(2) An annual members meeting may be held inside or outside this state at the placestated in the organic rules or selected by the board of directors not inconsistent with the organicrules.
(3) Unless the organic rules otherwise provide, members may attend or conduct anannual members meeting through any means of communication if all members attending themeeting can communicate with each other during the meeting.
(4) The board of directors shall report, or cause to be reported, at the association's annualmembers meeting the association's business and financial condition as of the close of the mostrecent fiscal year.
(5) Unless the organic rules otherwise provide, the board of directors shall designate thepresiding officer of the association's annual members meeting.
(6) Failure to hold an annual members meeting does not affect the validity of any actionby the limited cooperative association.
Enacted by Chapter 363, 2008 General Session