CHAPTER 419

An Act to amend and reenact § 56-222 of the Code of Virginia, relating to
the board of directors of electric cooperatives to provide for staggered

terms.
[S 238]
Approved April 3, 1954
Be it enacted by the General Assembly of Virginia:

a That § 56-222 of the Code of Virginia be amended and reenacted as
ollows:

§ 56-222. Each cooperative shall have a board of directors of five or
more members, which board shall constitute the governing body of the
cooperative. The directors, other than those named in the certificate of
incorporation, shall be elected annually by the members entitled to vote,
unless the by-laws provide that, in lieu of electing the whole number of
directors annually, the directors shall be divided into either two or three
classes at the first or any subsequent annual meeting, each class to be as
nearly equal in number as possible, with the term of office of the directors
of the first class to expire at the next succeeding annual meeting, the
term of the second class to expire at the second succeeding annual meeting,
and the term of the third class, if any, to expire at the third succeeding
annual meeting; and that at each annual meeting after such classification a
number of directors equal to the number of the class whose term expires
at the time of such meeting shall be elected to hold office until the second
succeeding annual meeting where the by-laws provide for two classes of
directors, or until the third succeeding annual meeting where the by-laws
provide for three classes of directors. The directors must be members and
shall not be entitled to compensation for their services as directors, except
that a per diem of not more than fifteen dollars may be paid directors for
attending regular and special meetings of the board. Directors shall be
entitled to reimbursement for expenses incurred by them in the perform-
ance of their duties. The directors shall elect annually from their own
number a president and one or more vice-presidents. They shall also elect
a secretary and a treasurer, who need not be directors or members, and
may combine the two latter offices and designate the combined office as
secretary-treasurer.