16-16-803 - Qualifications of directors. - Utah Statutes

16-16-803. Qualifications of directors.
(1) Unless the organic rules otherwise provide, and subject to Subsection (3), eachdirector of a limited cooperative association shall be an individual who is a member of theassociation or an individual who is designated by a member that is not an individual for purposesof qualifying and serving as a director. Initial directors need not be members.
(2) Unless the organic rules otherwise provide, a director may be an officer or employeeof the limited cooperative association.
(3) If the organic rules provide for nonmember directors, the number of nonmemberdirectors may not exceed:
(a) one, if there are two through four directors;
(b) two, if there are five through eight directors; or
(c) 1/3 of the total number of directors if there are at least nine directors.
(4) The organic rules may provide qualifications for directors in addition to those in thissection.

Amended by Chapter 378, 2010 General Session