TITLE 26

BANKS AND BANKING

CHAPTER 24

INDUSTRIAL DEVELOPMENT CORPORATIONS

26-2407.  Powers of stockholders and members. The stockholders of the corporation shall have the power to determine the number of and elect directors as provided in section 26-2409.

The stockholders and the members of the corporation shall have the following powers of the corporation:

(1)  To make, amend and repeal bylaws;

(2)  To amend the articles of incorporation as provided in section 26-2408;

(3)  To dissolve the corporation as provided in section 26-2415;

(4)  To do all things necessary or desirable to secure aid, assistance loans and other financing from any financial institutions, and from any agency established under the Small Business Investment Act of 1958, and amendments thereto or other similar federal laws now or hereafter enacted.

(5)  To exercise such other of the powers of the corporation consistent with this act as may be conferred on the stockholders and the members by the bylaws.

As to all matters requiring action by the stockholders and the members of the corporation, said stockholders and said members shall vote separately thereon by classes, and, except as otherwise herein provided, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the member present or represented at the meeting shall be entitled.

Each stockholder shall have one (1) vote, in person or by proxy for each share of capital stock held by him, and each member shall have one (1) vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000) shall have one (1) additional vote, in person or by proxy, for each additional one thousand dollars ($1,000) which such member is authorized to have outstanding on loans to the corporation at any one (1) time as determined under paragraph (b) of subsection (3) of section 26-2405.

History:

[(26-2407) 1963, ch. 273, sec. 7, p. 695; I.C., sec. 30-1507 (1963 Supp.); am. 1965, ch. 74, sec. 2, p. 117.]