69-37-13 - Bureau may certify cotton growers organizations for purpose of entering into agreements to effectuate purposes of chapter. - Mississippi Statutes

§ 69-37-13. Bureau may certify cotton growers organizations for purpose of entering into agreements to effectuate purposes of chapter.
 

(1)  The bureau may certify a cotton growers organization for the purpose of entering into agreements with the State of Mississippi, other states, the federal government and other parties as may be necessary to carry out the purposes of this chapter. 

(2)  In order to be eligible for certification by the bureau, the cotton growers organization must demonstrate to the satisfaction of the bureau that: 

(a) It is a nonprofit organization and could qualify as a tax-exempt organization under Section 501(a) of the Internal Revenue Code of 1954 [26 USC 501(a)]; 

(b) Membership in the organization is open to all cotton growers in this state; and 

(c) The organization has only one (1) class of voting members with each member entitled to only one (1) vote. 

(3)  The organization's board of directors shall be composed of members who shall be chosen according to bylaws established by the cotton growers organization. 

(4)  All books and records of account and minutes of proceedings of the organization shall be available for inspection or audit by the commissioner at any reasonable time. 

(5)  Employees or agents of the growers organization who handle funds of the organization shall be adequately bonded in an amount to be determined by the commissioner. 
 

Sources: Laws,  1993, ch. 345, § 7, eff from and after July 1, 1993.