§ 18-441-514. Voting requirements for members.

VOTING REQUIREMENTS FOR MEMBERS.  If a limited cooperative association has both patron and investor members, the following rules apply:

(1)  The total voting power of all patron members may not be less than a majority of the entire voting power entitled to vote.

(2)  Action on any matter is approved only upon the affirmative vote of at least a majority of:

(A)all members voting at the meeting unless more than a majority is required by Articles 4, 12, 15 through 16 of the Uniform Limited Cooperative Association Act of 2009 or the organic rules; and

(B)votes cast by patron members unless the organic rules require a larger affirmative vote by patron members.

(3)  The organic rules may provide for the percentage of the affirmative votes that must be cast by investor members to approve the matter.

Added by Laws 2009, c. 68, § 53, eff. Jan. 1, 2010.