§ 7-58-817 — Committees

(1) Unless the articles or bylaws otherwise provide,
a board of directors may create one or more committees and appoint one or more
individuals to serve on a committee.

(2) Unless the articles or bylaws otherwise provide, an individual appointed
to serve on a committee of a limited cooperative association need not be a director
or member.

(3) An individual who is not a director and is serving on a committee has, with
respect to the subject matter of the committee, the same rights, duties, and
obligations as a director serving on the committee.

(4) Unless the articles or bylaws otherwise provide, and subject to the
oversight responsibility of the board of directors, each committee of a limited
cooperative association may exercise the powers delegated to it by the board of
directors, but a committee may not:

(a) Approve allocations or distributions except according to a formula or
method prescribed by the board of directors;

(b) Approve or propose to members action requiring approval of members; or

(c) Fill vacancies on the board of directors or any of its committees.

Legislative History

Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 795, � 1, effective April 2, 2012.