| (1) |
Unless the organic rules otherwise provide, and subject to Subsection (3), each director of a limited cooperative association shall 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. |
| (2) |
Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association. |
| (3) |
If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:
| (a) |
one, if there are two through four directors; |
| (b) |
two, if there are five through eight directors; or |
| (c) |
1/3 of the total number of directors if there are at least nine directors. |
|
| (4) |
The organic rules may provide qualifications for directors in addition to those in this section. |
Amended by Chapter 378, 2010 General Session
