§ 3013.
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/vt/title-30/chapter-81/3013A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 3013. Directors, qualifications
The business of a cooperative shall be managed by a board of not less than five directors, each of whom shall be a member of the cooperative or of another cooperative that is a member thereof, shall not be an employee of the cooperative, and shall reside in this State. The bylaws shall prescribe the number of directors, their qualifications, other than those prescribed in this chapter, the manner of holding meetings of the board of directors and of electing successors to directors who shall resign, die, or otherwise be incapable of acting.
The bylaws may also provide for the removal of directors from office and for the election of their successors. Directors as such may not receive any salary for their services, but by resolution of the board of directors a fixed sum and expenses of attendance may be allowed for attendance at each meeting of the board of directors, or a committee thereof, or other customary activities necessary to carry out the duties of a director. The board of directors may exercise all of the powers of a cooperative not conferred upon the members by this chapter or its articles of incorporation or bylaws.
(Amended 1999, No. 143 (Adj. Sess.), § 11.)