§ 7-58-803 — Qualifications of directors

(1) Unless the articles or bylaws
otherwise provide, and subject to subsection (3) of this section, each director of a
limited cooperative association must be an individual who is a member of the
association or an individual who is designated by a member that is not an individual
for purposes of qualifying and serving as a director; except that initial directors
need not be members or designees of a member. A director must be at least
eighteen years of age.

(2) Unless the articles or bylaws otherwise provide, a director may be an
officer or employee of the limited cooperative association.

(3) If the articles or bylaws provide for nonmember directors, the number of
nonmember directors may not exceed:

(a) One, if there are two to four directors;

(b) Two, if there are five to eight directors; or

(c) One-third of the total number of directors if there are at least nine
directors.

(4) The articles or bylaws may provide qualifications for directors in addition
to those in this section.

Legislative History

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 791, � 1, effective April 2, 2012.