§ 5-512. Management of cooperative; number and qualifications of directors

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(a) Management of cooperative. -- The business and affairs of a cooperative shall be managed under the direction of a board of directors.

(b) Number and qualifications of directors. -- Every cooperative shall have at least five directors, at least two of whom are residents of the State and each of whom is a member of the cooperative or of a member cooperative.

HISTORY: An. Code 1957, art. 23, § 360; 1975, ch. 311, § 2; 1976, ch. 567, § 2; ch. 694.

                    
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