§ 18-441-817 — Committees.

COMMITTEES. (a) Unless the organic rules otherwise provide, a board of directors may create one or more committees and appoint one or more individuals to serve on a committee. (b) Unless the organic rules otherwise provide, an individual appointed to serve on a committee of a limited cooperative association need not be a director or member. (c) An individual who is not a director and is serving on a committee has the same rights, duties, and obligations as a director serving on the committee. (d) Unless the organic rules otherwise provide, each committee of a limited cooperative association may exercise the powers delegated to it by the board of directors, but a committee may not: (1) Approve allocations or distributions except according to a formula or method prescribed by the board of directors; (2) Approve or propose to members action requiring approval of members; or (3) Fill vacancies on the board of directors or any of its committees.

Legislative History

Added by Laws 2009, c. 68, § 82, eff. Jan. 1, 2010.