Organization of limited cooperative association

7-58-304. Organization of limited cooperative association. (1) After a limited cooperative association is formed: (a) If initial directors are named in the articles, the initial directors shall hold an organizational meeting to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association; or (b) If initial directors are not named in the articles, the organizers shall designate the initial directors and call a meeting of the initial directors to adopt initial bylaws and carry on any other business necessary or proper to complete the organization of the association. (2) Unless the articles otherwise provide, the initial directors may cause the limited cooperative association to accept members, including those necessary for the association to begin business. (3) Initial directors need not be members. (4) An initial director serves until a successor is elected and qualified at a members meeting or the director is removed, resigns, is adjudged incompetent, or dies. Source: L. 2011: Entire article added, (SB 11-191), ch. 197, p. 770, � 1, effective April 2, 2012.