Maine Statutes

§ 13 §1871 — Directors

Maine·Title 13 CORPORATIONS·Part 2 CORPORATIONS WITHOUT CAPITAL·Ch. 85 COOPERATIVES
1.Membership; term. The business of the association is managed by a board of not less than 3 directors. The directors must be members of the association or officers, general managers, directors or members of a member association, except that the members of the association may elect, pursuant to the bylaws of the association, to allow the election of nonmember directors of the association by the board of directors, as long as the number of nonmember directors does not exceed 25% of the total number of duly elected member directors. A director shall hold office for the term for which the director was named or elected and until the director's successor is elected and qualified.
2.Names; successors. The names of the first directors shall be stated in the articles. Their successors shall be e

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Legislative History

PL 2009, c. 5, §1 (AMD).

Nearby Sections

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