Oklahoma § 18-441-803 Qualifications of directors.

Oklahoma Statutes

§ 18-441-803 — Qualifications of directors.

Oklahoma·Title 18 Corporations

QUALIFICATIONS OF DIRECTORS.

(a)Unless the organic rules otherwise provide, and subject to subsection (c) 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. Initial directors need not be members.

(b)Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association.

(c)If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:

(1)One, if there are two through four directors;

(2)Two, if there are five through eight directors; or (3) One-third (1/3) of the total number of directors if ther

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QUALIFICATIONS OF DIRECTORS. (a) Unless the organic rules otherwise provide, and subject to subsection (c) 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. Initial directors need not be members. (b) Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association. (c) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed: (1) One, if there are two through four directors; (2) Two, if there are five through eight directors; or (3) One-third (1/3) of the total number of directors if there are at least nine directors. (d) The organic rules may provide qualifications for directors in addition to those in this section.

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