RS 12:499.8 - Articles or by-laws The articles or by-laws may provide for any of the following: (1) Election of directors and other officials by unit or district. (2) Voting by stockholders on the basis of one vote per member or one vote per dwelling unit rather than one vote per share. (3) That any action required or permitted to be taken at a meeting of stockholders may be taken by mail ballot. (4) A method of membership representation of stockholders at meetings by delegates from units or districts, provided that delegates be proportional to the number of members in each unit or district. (5) Redemption or recall of stock. (6) Termination of membership rights and privileges of a stockholder. (7) Standards for eligibility to become a stockholder. (8) The allocation of net savings among the uses permitted in R.S. 12:499.9. Acts 1990, No. 857, §1.
Louisiana Legal Code