46A-8-2. Proposed amendment of articles of incorporation of association, time and manner of making, submission to shareholders, publication.
150 words·~1 min read·
/sd/title-46/chapter-46-8/46a-8-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Such amendment or amendments may be made at any annual meeting of the shareholders, or at any special meeting called for that purpose, by a majority of the votes cast upon such proposition at such election. No proposed amendment may be submitted to the shareholders until it has first received the approval of two - thirds of the board of directors at a regular or duly called session thereof. No proposed amendment may be submitted until it has been published in full at least once each week for four consecutive weeks in at least two newspapers of general circulation within the irrigable area of the association.
The last publication may not be more than seven days before any such election. However, if all the shareholders are notified directly by mail at their last known addresses of the amendment, the amendment does not need to be published pursuant to this section.