QUALIFICATIONS OF DIRECTORS.
(a) Unless the organic rules otherwise provide, and subject to subsection (c) of this section, each director of a limited cooperative association must 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.
(b) Unless the organic rules otherwise provide, a director may be an officer or employee of the limited cooperative association.
(c) If the organic rules provide for nonmember directors, the number of nonmember directors may not exceed:
(1) One, if there are two through four directors;
(2) Two, if there are five through eight directors; or
(3) One-third (1/3) of the total number of directors if there are at least nine directors.
(d) The organic rules may provide qualifications for directors in addition to those in this section.
Added by Laws 2009, c. 68, § 68, eff. Jan. 1, 2010.
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