{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-437.8","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-437.8","heading":"Board of trustees","body":"(a) The business and affairs of a cooperative shall be managed\n\nby a board of not less than five (5) trustees, each of whom shall be\n\na member of the cooperative or of another cooperative which shall be\n\na member thereof. The bylaws shall prescribe the number of\n\ntrustees, their qualifications, other than those provided for in\n\nthis act, the manner of holding meetings of the board of trustees\n\nand of the election of successors to trustees who shall resign, die,\n\nor otherwise be incapable of acting. The bylaws may also provide\n\nfor the removal of trustees from office and for the election of\n\ntheir successors. Without approval of the members, trustees shall\n\nnot receive any salaries for their services as trustees. The bylaws\n\nmay, however, provide that a fixed fee and expenses of attendance,\n\nif any, may be allowed to each trustee for attendance at each\n\nmeeting of the board of trustees and such other meetings, seminars,\n\nworkshops, conferences or for other business purposes authorized by\n\nthe board of trustees.\n\n(b) The trustees of a cooperative named in any articles of\n\nincorporation, consolidation, merger or conversion, as the case may\n\nbe, shall hold office until the next following annual meeting of the\n\nmembers or until their successors shall have been elected and\n\nqualified. At each annual meeting or, in case of failure to hold\n\nthe annual meeting as specified in the bylaws, at a special meeting\n\ncalled for that purpose, the members shall elect trustees to hold\n\noffice until the next following annual meeting of the members,\n\nexcept as hereinafter otherwise provided. Each trustee shall hold\n\noffice for the term for which he is elected or until his successor\n\nshall have been elected and qualified.\n\n(c) The officers of a cooperative shall consist of a president,\n\nsecretary and treasurer, who shall be elected annually by and from\n\nthe board of trustees. No person shall continue to hold any of the\n\nabove offices after he shall have ceased to be a trustee. The\n\noffices of secretary and/or treasurer may be held by the same\n\nperson. The board of trustees may also elect or appoint a chief\n\nexecutive or operating officer or such other officers, agents, or\n\nemployees, whether or not such persons are trustees of the\n\ncooperative, as it shall deem necessary or advisable and shall\n\nprescribe the powers and duties thereof. Any officer may be removed\n\nfrom office and his successor elected in the manner prescribed in\n\nthe bylaws. Vacancies in office may be filled by the board of\n\ntrustees.\n\n(d) The bylaws may provide that, in lieu of electing the whole\n\nnumber of trustees annually, the trustees shall be divided into\n\nthree classes at the first or any subsequent annual meeting, each\n\nclass to be as nearly equal in number as possible, with the term of\n\noffice of the trustees of the first class to expire at the next\n\nsucceeding annual meeting and the term of the second class to expire\n\nat the second succeeding annual meeting, and the term of the third\n\nclass to expire at the third succeeding annual meeting. At each\n\nannual meeting after such classification a number of trustees equal\n\nto the number of the class whose term expires at the time of such\n\nmeeting shall be elected to hold office until the third succeeding\n\nannual meeting.\n\n(e) A majority of the board of trustees shall constitute a\n\nquorum.\n\n(f) If a husband and wife hold a joint membership in a\n\ncooperative, either one, but not both, may be elected a trustee.\n\n(g) The board of trustees may exercise all of the powers of a\n\ncooperative except such as are conferred upon the members by this\n\nact, or its articles of incorporation or bylaws.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"22ad5afbf5320f4268969d1d90db2b414ae2104fb9eba666a346e45655b589b3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-437.7","next":"us-ok/okla.-stat.-tit.-18-18-437.9"},"notice":"GroundRules: Original legal text. Not legal advice."}