                                 CODE OF VIRGINIA

POWERS OF BOARD OF DIRECTORS (§ 56-231.29)

The board of directors of a cooperative shall have power to do all things
necessary or incidental in conducting the business of the cooperative,
including, but not limited to the power:

1. If authorized by the articles of incorporation, or by resolution of its
members having voting power, to adopt and amend bylaws for the management and
regulation of the affairs of the cooperative, subject, however, to the right of
the members to alter or repeal such bylaws. The bylaws of a cooperative may make
provisions, not inconsistent with law or its articles of incorporation,
regulating the admission, suspension or expulsion of members; the transfer of
membership, the fees and dues of members and the termination of membership on
nonpayment of dues or otherwise; the number, times and manner of choosing,
qualifications, terms of office, official designations, powers, duties and
compensation of its officers and directors; defining a vacancy in the board or
in any office and the manner of filling it; the number of members, not less than
2.5 percent of the total number of members, to constitute a quorum at meetings;
the date of the annual meeting and the giving of notice thereof and the holding
of special meetings and the giving of notice thereof; the terms and conditions
upon which the cooperative is to render service to its members; the disposition
of the revenues and receipts of the cooperative; and regular and special
meetings of the board and the giving of notice thereof.

2. To appoint agents and employees and to fix their compensation and the
compensation of the officers of the cooperative.

3. To execute all instruments.

4. To make its own rules and regulations as to its procedure.

HISTORY: 1999, c. 874.