10-2062. Annual and special meetings of members; notice; quorum; voting

A. An annual meeting of the members of a cooperative shall be held at such time and place as provided in the bylaws. Special meetings of the members may be called by the president, by the board of directors, by any three directors or by not less than ten per cent of the members.

B. Except as otherwise provided in this article, written or printed notice stating the time and place of each meeting of the members and, in the case of a special meeting, the purpose for which the meeting is called shall be given to each member, either personally or by mail, not less than ten nor more than twenty-five days before the date of the meeting. If mailed, the notice shall be deemed to be given when deposited in the United States mail with postage prepaid addressed to the member at the member's address appearing on the records of the cooperative.

C. Unless the bylaws prescribe the presence of a greater percentage or number of the members for a quorum, a quorum for the transaction of business at all meetings of the members of a cooperative having not more than one thousand members shall be five per cent of all members present in person or by ballot, and of a cooperative having more than one thousand members, shall be fifty members present in person or by ballot. If less than a quorum is present at any meeting, a majority of those present in person may adjourn the meeting from time to time without further notice.

D. Unless the bylaws provide otherwise, each member shall be entitled to one vote on each matter submitted to a vote at a meeting of the members. Voting shall be in person but, if the bylaws so provide, may also be by mail or by proxy.