289.071 Powers of stockholders and members. - Florida Statutes

289.071 Powers of stockholders and members.

   (1) The stockholders and the members of the corporation shall have the following powers of the corporation:

   (a) To determine the number of and elect directors as provided in s. 289.091;

   (b) To make, amend and repeal bylaws;

   (c) To amend this charter as provided in s. 289.081;

   (d) To dissolve the corporation as provided in s. 289.151;

   (e) To do all things necessary or desirable to secure aid, assistance loans, and other financing from any financial institution, and from any agency established under the Small Business Investment Act of 1958, Pub. L. No. 85-699, 85th Congress, or other similar federal laws now or hereafter enacted;

   (f) To exercise such other of the powers of the corporation consistent with this act as may be conferred on the stockholders and the members by the bylaws.

   (2) As to all matters requiring action by the stockholders and the members of the corporation, said stockholders and said members shall vote separately thereon by classes, and, except as otherwise herein provided, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled.

   (3) Each stockholder shall have one vote, in person or by proxy, for each share of capital stock held by him or her, and each member shall have one vote, in person or by proxy, except that any member having a loan limit of more than $1,000 shall have one additional vote, in person or by proxy, for each additional $1,000 which such member is authorized to have outstanding on loans to the corporation at any one time as determined under s. 289.051(1)(c)2.

History. s. 7, ch. 61-177; s. 238, ch. 95-148.