REMOVAL OF DIRECTOR. Unless the organic rules otherwise provide, the following rules apply:
(1) Members may remove a director with or without cause.
(2) A member or members holding at least ten percent (10%) of the total voting power entitled to be voted in the election of a director may demand removal of the director by one or more signed petitions submitted to the officer of the limited cooperative association charged with keeping its records.
(3) Upon receipt of a petition for removal of a director, an officer of the association or the board of directors shall:
(A)call a special meeting of members to be held not later than ninety (90) days after receipt of the petition by the association; and
(B)mail or otherwise transmit or deliver in a record to the members entitled to vote on the removal, and to the director to be removed, notice of the meeting which complies with Section 47 of this act.
(4) A director is removed if the votes in favor of removal are equal to or greater than the votes required to elect the director.
Added by Laws 2009, c. 68, § 72, eff. Jan. 1, 2010.
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