The board of directors of a cooperative association shall be stockholders or members of such association or the representatives duly authorized in writing of a legal entity which is a stockholder or member of said cooperative association; except that the articles of incorporation and bylaws may permit the election of any number of directors, less than a majority, who are not stockholders or members, to be elected as stated in the bylaws.
Source: L. 73: R&RE, p. 430, § 1. C.R.S. 1963: § 30-1-4.
Structure Colorado Code
Title 7 - Corporations and Associations
Article 55 - Cooperatives - General
§ 7-55-101. Cooperative Association Defined
§ 7-55-102. Articles of Incorporation - Filing
§ 7-55-104. Board of Directors
§ 7-55-105. Election of Officers
§ 7-55-106. Power of Directors
§ 7-55-107.5. Indemnification and Personal Liability of Directors, Officers, Employees, and Agents
§ 7-55-108. Application of Powers
§ 7-55-109. Amendment of Articles
§ 7-55-110. Vote of Stockholders or Members
§ 7-55-112. Merger, Conversion, or Consolidation
§ 7-55-113. Adoption of Provisions of This Article
§ 7-55-114. Dissolution of Association
§ 7-55-115. Exemption From Securities Laws
§ 7-55-116. Application of Corporation Laws
§ 7-55-117. Associations Not in Restraint of Trade
§ 7-55-118. Associations of Other Jurisdictions