(a) If the bylaws provide, the board may elect an executive committee consisting of three or more directors which, to the extent provided in the bylaws of the cooperative, may exercise all the authority of the board in the management of the cooperative, except for
(1) apportionment or distribution of net proceeds, savings or losses;
(2) selection of officers;
(3) filling of vacancies in the board or the executive committee.
(b) The board may elect other directors as alternates for members of the executive committee.
(c) Designation of an executive committee and the delegation to it of authority does not relieve the board or a member of the board of any responsibility imposed by law.
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