Part 4 — Directors and Officers of Cooperatives Division 1 Number, Qualifications and Functions of Directors
56 Organizational meeting
directors must be held at which the directors may
(a) adopt forms of security certificates and of cooperative
records;
(b) admit persons to membership in the cooperative and issue o r
authorize the issuance of membership shares and arrange for
member loans;
(c) appoint officers;
(d) appoint an auditor to hol d office until the close of the first
meeting of members;
(e) make financial arrangem ents for the cooperative;
(f) transact any other busin ess necessary to organize the
cooperative.
(2) An incorporator or a director may call a meeting of directors
referred to in subsection (1) by providing all relevant information
about the meeting to each director not less than 5 days before the
meeting.
2001 cC-28.1 s56;2022 c16 s3(15)