21-2959. Removal of director.

201 words·~1 min read·/ne/chapter-21/21-2959

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Unless the articles of organization or bylaws otherwise provide, the following rules apply:

(1)Members may remove a director with or without cause;

(2)A member or members holding at least twenty-five percent of the total voting power entitled to be voted in the election of the director may demand removal of a director by a signed petition 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 or the board of directors shall:

(a)Call a special members' meeting to be held within ninety 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 notice of the meeting which complies with section 21-2936 ;

(4)A director against whom a petition has been submitted shall be informed in a record of the petition within a reasonable time before the members' meeting at which the members consider the petition; and

(5)A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director.