357.080. Management by board--election--removal. - Missouri Statutes

Management by board--election--removal.

357.080. 1. Every such association shall be managed by aboard of not less than five directors, who shall be elected byand from the shareholders, subject to such restrictions and withsuch qualifications as may be prescribed by the bylaws, at suchtime and for such term of office as the bylaws may prescribe, andshall hold office for the time for which elected, and until theirsuccessors are elected and qualified; but the shareholders shallhave the power as herein provided, at any regular or specialshareholders' meeting, legally called, to remove any director forcause and to fill the vacancy, and thereupon the director soremoved shall cease to be a director of said association.

2. The officers of every such association shall be apresident, one or more vice presidents, a secretary andtreasurer, who shall be elected annually by the directors, andeach of said officers must be a director of the associationexcept the secretary and treasurer. The offices of secretary andtreasurer may be combined, and when so combined, the personfilling the office shall be secretary-treasurer.

3. When any director has been removed for cause, as hereinprovided, such action shall vacate any office held by him andsuch vacancy shall be filled from among the board of directors soconstituted after the vacancy in such board of directors has beenfilled by the shareholders as herein provided.

(RSMo 1939 § 14410)

Prior revisions: 1929 § 12752; 1919 § 10250