§421-17 Referendum. The articles or bylaws may provide that upon demand of two-fifths of all the directors, any matter of policy that has been approved or passed by the board must be referred to the members for their approval before it becomes effective. No referendum shall be allowed unless it is demanded by the required number of directors at the meeting at which the matter of policy in question is adopted. [L 1949, c 234, pt of §1; RL 1955, §176-18; HRS §421-17]
Structure Hawaii Revised Statutes
Title 23. Corporations and Partnerships
421. Agricultural Cooperative Associations
421-3 Qualifications of incorporators.
421-4 Articles of incorporation.
421-6 Filing and recording articles of incorporation, etc.
421-7 Amendments of articles of incorporation.
421-11 Membership or stock certificates, transfers, dividends, preferred stock.
421-12 General and special meetings; how called.
421-18 Contracts between association and members.
421-20 Associations are not in restraint of trade.
421-24 Application to existing association.