CHAPTER 403

An Act to amend and reenact § 56-222, as amended, of the Code of
Virginia, relating to boards of directors of electric cooperatiiee.

Approved March 29, 1958

Be it enacted by the General Assembly of Virginia:

1. That § 56-222, as amended, of the Code of Virginia, be amended and
reenacted as follows:

§ 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 succeed-
ing 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. * The board of
directors shall have authority to fix the compensation of directors. 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.