As Amended
SEC. 79-5-21. Powers of stockholders; voting and meetings of stockholders and members; number of votes; dissolution.
The stockholders of the corporation shall have and exercise the following powers: (a) to determine the number of and elect directors, provided the number of said directors shall be not less than six (6) nor more than twelve (12), and shall elect at least one director from each congressional district of the state; (b) to make, amend and repeal bylaws, provided no bylaws shall be made, amended or repealed while joint control of the affairs of the corporation is being exercised without the approval of the board of members; (c) to amend the charter, provided no amendment to the charter shall be submitted to the secretary of state while joint control of the affairs of the corporation is being exercised without the approval of the board of members; (d) to exercise such other of the powers of the corporation as may be conferred on the stockholders by the bylaws of the corporation.
As to all matters requiring action by the stockholders when joint control of the business and affairs of the corporation is being exercised, the stockholders and the members shall vote separately thereon, 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 the majority of the votes to which the members present or represented at the meeting shall be entitled. Stockholders meetings shall be held first and members meetings immediately following, or said meetings may be held simultaneously.
Each stockholder shall have one vote, in person or by proxy, for each share of capital stock held by him, and each member shall have one vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000.00) shall have one additional vote, in person or by proxy, for each additional one thousand dollars ($1,000.00) which such member is committed to loan to the corporation at any one time as authorized under paragraph (c) of section 79-5-15; provided, however, that the dissolution of a corporation organized hereunder shall be governed by the provisions of the laws of the State of Mississippi, including Chapter 3, Title 79, Mississippi Code of 1972, sections 79-3-1 et seq., and any other applicable statutes, and the powers of dissolution shall be vested in said stockholders as therein provided.
SOURCES: Codes, 1942, Sec. 5390-11; Laws, 1960, ch. 186, Sec. 11, eff from and after passage (approved March 23, 1960).