§ 23-17-214 - Bylaws. - Arkansas Statutes

23-17-214. Bylaws.

(a) (1) The power to make, alter, amend, or repeal the bylaws of the cooperative shall be vested in the board of directors, subject to amendment by the members at an annual meeting.

(2) (A) The board shall not change, alter, amend, or repeal a provision of the bylaws adopted by the members except upon a unanimous vote of the directors in favor of the change, alteration, amendment, or repeal.

(B) If the directors change, alter, amend, or repeal a bylaw provision under this section, the bylaw provision shall remain effective unless the change, alteration, amendment, or repeal of the bylaw provision is presented by the members at the next annual or special meeting of the board.

(C) If the members at the next annual or special meeting of the board do not vote to ratify the directors' action in changing, altering, amending, or repealing the bylaw provision in question, the bylaw provision in question shall be deleted from the bylaws, and the bylaw provision in question shall revert, effective the day after the members' meeting, to the wording that was in place immediately before the directors changed, altered, amended, or repealed the bylaw provision.

(b) The bylaws may contain any provisions for the regulation and management of the affairs of the cooperative not inconsistent with law or the articles of incorporation.