499.39 - REFERENDUM.
499.39 REFERENDUM. If provided for in the articles of incorporation, any action of directors shall, on demand of one-third of the directors made and recorded at the same meeting, be referred to a regular or special meeting of members called for such purpose. Such action shall stand until and unless annulled by a majority of the votes cast at such meeting, which vote shall not impair rights of third parties previously acquired.
Section History: Early Form [C35, § 8512-g39; C39, § 8512.39; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 499.39]