(a) The bylaws of an employee cooperative shall provide for the election, terms, classification, if any, and removal of directors and officers.
Terms Used In Alabama Code 10A-11-1.07
- cooperative: Includes an employee cooperative as defined in Chapter 11. See Alabama Code 45-26-231.06
- director: An individual who serves on the board of directors, by whatever name known, of a foreign or domestic corporation. See Alabama Code 45-26-231.06
- EMPLOYEE COOPERATIVE: A corporation which has elected to be governed by this chapter. See Alabama Code 43-2-747
- member: A natural person who has been accepted for membership in and owns a membership share issued by an employee cooperative. See Alabama Code 43-2-747
(b) Nonmembers may serve as directors or officers of an employee cooperative but at no time shall the number of nonmember directors or officers exceed 25 percent of the total number of directors or officers.
(c) Vacancies in director positions resulting from death, resignation, or removal shall be filled by vote of the member directors or by vote of the members.