Removal of director by judicial proceeding

7-56-405. Removal of director by judicial proceeding. (1) A director may be removed by the district court for the county in this state in which the street address of the cooperative's principal office is located or, if the cooperative has no principal office in this state, by the district court for the county in which the street address of its registered agent is located or, if the cooperative has no registered agent, by the district court for the city and county of Denver, in a proceeding commenced either by the cooperative or by at least ten percent of the members, if the court finds that the director engaged in fraudulent or dishonest conduct or gross abuse of authority or discretion with respect to the cooperative, and that removal is in the best interests of the cooperative. (2) If the members commence a proceeding under subsection (1) of this section, they shall make the cooperative a party defendant. (3) The court that removes a director may bar the director from reelection for a period prescribed by the court. Source: L. 96: Entire article R&RE, p. 504, � 1, effective July 1. L. 2003: (1) amended, p. 2227, � 85, effective July 1, 2004. L. 2004: (1) amended, p. 1414, � 49, effective July 1.