{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-438.12","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-438.12","heading":"Board of trustees","body":"A. The business of a cooperative shall be managed by a board of\n\nnot less than five (5) trustees, each of whom shall be a member of\n\nthe cooperative. The bylaws shall prescribe the number of trustees,\n\ntheir qualifications, other than those prescribed in this act, the\n\nmanner of holding meetings of the board of trustees and of electing\n\nsuccessors to trustees who shall resign, die, or otherwise be\n\nincapable of acting. The bylaws may also provide for the removal of\n\ntrustees from office and for the election of their successors.\n\nTrustees shall not receive any salaries for their services as\n\ntrustees and, except in emergencies, shall not receive any salaries\n\nfor their services in any other capacity without the approval of the\n\nmembers. The cooperative may provide liability, accident, life and\n\nhealth insurance coverage for trustees choosing to have that\n\ncoverage. The bylaws may also prescribe a fixed fee for attendance\n\nat each meeting of the board of trustees and may provide for\n\nreimbursement of actual expenses of attendance.\n\nB. The trustees of a cooperative named in any articles of\n\nincorporation, consolidation, merger, conversion, or combined\n\nconsolidation and conversion shall hold office until the next annual\n\nmeeting of the members and until their successors are elected and\n\nqualify. At each annual meeting or, in case of failure to hold the\n\nannual 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 annual meeting of the members, except as\n\notherwise provided in this act or the bylaws. Each trustee shall\n\nhold office for the term for which he is elected and until his\n\nsuccessor is elected and qualifies. Vacancies shall be filled in\n\naccordance with provisions of the bylaws.\n\nC. The bylaws may provide that:\n\n1. In lieu of electing the whole number of trustees annually,\n\nthe trustees shall be divided into three classes at the first or any\n\nsubsequent annual meeting, each class to be as nearly equal in\n\nnumber as possible, with the term of office of the trustees of the\n\nfirst class to expire at the next succeeding annual meeting, the\n\nterm of the second class to expire at the second succeeding annual\n\nmeeting, and the term of the third class to expire at the third\n\nsucceeding annual meeting; and\n\n2. At each annual meeting or at district meetings, after such\n\nclassification, a number of trustees equal to the number of the\n\nclass whose term expires at the time of such meeting shall be\n\nelected to hold office until the third succeeding annual or district\n\nmeeting.\n\nD. A majority of the board of trustees, as determined by the\n\nbylaws, shall constitute a quorum.\n\nE. The board of trustees may exercise all of the powers of a\n\ncooperative conferred upon the members by this act, or its articles\n\nof 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":"f4ff543f9828c34930b7826f105f6a13a9bbf7d840031f11ad9c678992c16839","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-438.11","next":"us-ok/okla.-stat.-tit.-18-18-438.13"},"notice":"GroundRules: Original legal text. Not legal advice."}