(a) Unless the organic rules otherwise provide, a board of directors may create one (1) or more committees and appoint one (1) or more individuals to serve on a committee. (b) Unless the organic rules otherwise provide, an individual appointed to serve on a committee of a limited cooperative association need not be a director but shall be a member. (c) An individual who is not a director and is serving on a committee has the same rights, duties, and obligations as a director serving on the committee. (d) Each committee of a limited cooperative association may exercise the powers delegated to it by the board of directors, but a committee may not:
COL 2025-04-22
(1) approve allocations or distributions except according to a formula or method prescribed by the board of directors; (2) approve or propose to members action requiring approval of members; or (3) fill vacancies on the board of directors or any of its committees.