§ 15-12-1-25 — Board of directors; financial report; records

Indiana § 15-12-1-25

• Jurisdiction: Indiana
• Art. 12: AGRICULTURAL ASSISTANCE
• Ch. 1: Agricultural Cooperatives

Text

(a) The board of directors shall require a
report to be presented to the board, at intervals determined by the board
but not less often than semiannually, showing:
(1) the amount of indebtedness owed to the association by each
director, officer, and employee at the close of the period; and
(2) the amount of stock, membership capital, or credits for the
purchase of stock or membership capital shown on the books of
the association as belonging to each director, officer, and
employee.
The board of directors shall take action with respect to any individual
indebtedness to the association that is larger than permitted by the
bylaws as is best for the association in the sound discretion of the
board.
(b) The board of directors shall require a record of attendance to be
kept and the secretary of the board to make a report at the annual
meeting of members detailing the directors' attendance up to and
including the last directors' meeting before the annual meeting,
indicating:
(1) the number of regular and special meetings of the board; and
(2) the number of regular and of special meetings attended by
each member of the board designated by name.
[Pre-2008 Recodification Citation: 15-7-1-11(k).]

Legislative History

As added by P.L.2-2008, SEC.3.