As Amended
SEC. 79-5-23. Amendment of charter; approval and filing of amendments.
The charter may be amended by the votes of the stockholders and the members of the corporation, voting separately, when joint control of the business and affairs of the corporation is being exercised, provided that such amendments shall require approval by the affirmative vote of two-thirds (2 /3 ) of the votes to which the stockholders shall be entitled and two-thirds ( 2 /3 ) of the votes to which the members shall be entitled; provided further, however, that no amendment of the charter which increases the obligation of a member to make loans to the corporation, or makes any change in the principal amount, interest rate, maturity date, or in the security position, of any outstanding loan of a member to the corporation, or affects a member's voting rights as provided in section 79-5-21, shall be made without the consent of each member affected by such amendment.
Within thirty (30) days after any meeting at which amendment of the charter has been adopted, articles of amendment signed and sworn to by the president, treasurer and a majority of the directors, and a majority of the board of members when joint control is being exercised, setting forth such amendment and the due adoption thereof, shall be submitted to the secretary of state, who shall examine them and if he find that they conform to the requirements of this chapter, shall so certify and endorse his approval therein. Thereupon, the articles of amendment shall be submitted to the attorney general for his approval, and if approved, shall be certified to the governor, and upon his approval, shall be filed in the office of the secretary of state. No amendment shall take effect until it has been so approved and filed.
SOURCES: Codes, 1942, Sec. 5390-12; Laws, 1960, ch. 186, Sec. 12, eff from and after passage (approved March 23, 1960).