Unless the organic rules otherwise provide, the following rules apply:
(1) |
Members may remove a director with or without cause. |
(2) |
A member or members holding at least 10% of the total voting power entitled to be voted in the election of a director may demand removal of the director by one or more signed petitions submitted to the officer of the limited cooperative association charged with keeping its records. |
(3) |
Upon receipt of a petition for removal of a director, an officer of the association or the board of directors shall:
(a) |
call a special meeting of members to be held not later than 90 days after receipt of the petition by the association; and |
(b) |
mail or otherwise transmit or deliver in a record to the members entitled to vote on the removal, and to the director to be removed, notice of the meeting which complies with Section 16-16-508. |
|
(4) |
A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director. |
Enacted by Chapter 363, 2008 General Session