§ 7-58-807 — Removal of director

(1) Unless the articles or bylaws otherwise
provide:

(a) Members may remove a director with or without cause.

(b) A member or members holding at least ten percent of the total voting
power entitled to be voted in the election of a director may demand removal of the
director by one or more signed petitions submitted to the officer of the limited
cooperative association charged with keeping its records.

(c) Upon receipt of a petition for removal of a director, an officer of the
association or the board of directors shall:

(I) Call a special meeting of members to be held not later than ninety days
after receipt of the petition by the association; and

(II) Mail or otherwise transmit or deliver in a record to the members entitled
to vote on the removal, and to the director to be removed, notice of the meeting that
complies with section 7-58-508.

(d) A director is removed if the votes in favor of removal are equal to or
greater than the votes required to elect the director.

Legislative History

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 792, � 1, effective April 2, 2012.