The affairs of an association incorporated under this article shall be conducted, controlled and managed by a board of directors of such number, not to be less than five, and with such terms of office as may be provided by the bylaws. The said directors shall be elected by the members or stockholders of the association from their own number. When a vacancy on the board of directors occurs other than by expiration of term, the remaining members of the board by a majority vote shall fill the vacancy until the next regular meeting of the members of the association. An association may provide a fair remuneration for the time actually spent by its officers and directors in its service. No director, during his term of office, shall be a party to a contract for profit with the association differing in any way from the business relations accorded regular members or holders of stock of the association.
Structure Code of Alabama
Chapter 10 - Cooperatives and Associations.
Article 4 - Mutual Farming or Trucking Associations.
Section 2-10-90 - Definitions.
Section 2-10-91 - Purposes of Article.
Section 2-10-92 - How Association May Be Formed; Amendments to Articles of Incorporation.
Section 2-10-93 - Organization Generally; Adoption of Bylaws.
Section 2-10-94 - Board of Directors.
Section 2-10-95 - Election and Duties of Officers.
Section 2-10-96 - Voting by Mail or Proxy; Fees and Dues.
Section 2-10-98 - Organization With Capital Stock.
Section 2-10-99 - Powers of Association.
Section 2-10-100 - Associations May Federate.
Section 2-10-101 - How Federation Organized and Managed.
Section 2-10-102 - Powers of Federation.
Section 2-10-103 - Charges for Expenses and Creating Reserve; Patronage Dividends.
Section 2-10-104 - Certain Civil Actions Authorized.
Section 2-10-105 - Permit Fee; Taxation.
Section 2-10-106 - Existing Associations May Come Under This Article.
Section 2-10-107 - Fees for Filing Articles of Incorporation.
Section 2-10-108 - Incorporated Marketing Association Not Affected.