Virginia Code 56-231.42: Bylaws.
The original bylaws of a cooperative shall be adopted by the members of such cooperative. Thereafter, such cooperative’s board shall adopt, amend, or repeal the bylaws unless otherwise provided in the articles of incorporation or bylaws, subject to the rights of the members to alter or repeal such bylaws. The bylaws shall set forth the rights and duties of directors, officers and members and other provisions for the regulation and management of the affairs of the cooperative not inconsistent with this article, the cooperative’s articles of incorporation or other applicable law. The bylaws shall contain provisions relative to the disposition of revenues and receipts as may be necessary and appropriate to establish and maintain the cooperative’s nonprofit character.
Terms Used In Virginia Code 56-231.42
- Board: means any board of directors of a cooperative formed under or which becomes subject to this article. See Virginia Code 56-231.38
- Cooperative: means a power supply cooperative formed under the former Power Supply Cooperatives Act (§ 56-231. See Virginia Code 56-231.38
- regulation: include joint rates, joint charges and joint regulations, respectively. See Virginia Code 56-1
1999, c. 874.