| (1) |
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. |
| (2) |
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. |
| (3) |
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. |
| (4) |
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:
| (a) |
approve allocations or distributions except according to a formula or method prescribed by the board of directors; |
| (b) |
approve or propose to members action requiring approval of members; or |
| (c) |
fill vacancies on the board of directors or any of its committees. |
|
Enacted by Chapter 363, 2008 General Session
