Corporations, Associations, and Partnerships

Workers' Cooperatives

SECTION 7-6.2-9

§ 7-6.2-9. Directors; officers. [Effective January 1, 2018.].

(a) The bylaws of a workers' cooperative shall provide for the election, terms, classifications, if any, and removal of directors and officers in accordance with the provisions of this chapter or the provisions of chapter 1.2 of title 7.

(b) In the absence of any bylaw provision, elections, terms, classifications, and removal procedures shall be governed by the provisions of chapter 1.2 of title 7.

(c) Nonmembers may serve as directors or officers of a workers' cooperative, but at no time shall there be a majority of nonmember directors.

(d) Vacancies in director positions resulting from death, resignation, or removal shall be filled by a vote of the member directors.

History of Section.
(P.L. 2017, ch. 370, § 1; P.L. 2017, ch. 378, § 1.)