56-231.29 - Powers of board of directors.
§ 56-231.29. Powers of board of directors.
The board of directors of a cooperative shall have power to do all thingsnecessary or incidental in conducting the business of the cooperative,including, but not limited to the power:
1. If authorized by the articles of incorporation, or by resolution of itsmembers having voting power, to adopt and amend bylaws for the management andregulation of the affairs of the cooperative, subject, however, to the rightof the members to alter or repeal such bylaws. The bylaws of a cooperativemay make provisions, not inconsistent with law or its articles ofincorporation, regulating the admission, suspension or expulsion of members;the transfer of membership, the fees and dues of members and the terminationof membership on nonpayment of dues or otherwise; the number, times andmanner of choosing, qualifications, terms of office, official designations,powers, duties and compensation of its officers and directors; defining avacancy in the board or in any office and the manner of filling it; thenumber of members, not less than 2.5 percent of the total number of members,to constitute a quorum at meetings; the date of the annual meeting and thegiving of notice thereof and the holding of special meetings and the givingof notice thereof; the terms and conditions upon which the cooperative is torender service to its members; the disposition of the revenues and receiptsof the cooperative; and regular and special meetings of the board and thegiving of notice thereof.
2. To appoint agents and employees and to fix their compensation and thecompensation of the officers of the cooperative.
3. To execute all instruments.
4. To make its own rules and regulations as to its procedure.
(1999, c. 874.)