§ 5-204. Directors as members

Latest version.

   (a) In general. -- For purposes of any law or rule relating to members of a nonstock corporation, the directors of a nonstock corporation, under either of the circumstances described in subsection (b) of this section:

   (1) Also constitute the members of the corporation; and

   (2) When meeting as directors, may exercise the rights and powers of members.

(b) Application of section. -- This section applies if:

   (1) Neither the charter nor the bylaws of the corporation provide for members; or

   (2) The nonstock corporation in fact has no members.

HISTORY: An. Code 1957, art. 23, § 134; 1975, ch. 311, § 2; 1981, ch. 318.

                    
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