Section 40March 10, 1990, Sec./Art. 40

Directors. - (1) Any member of a cooperative who, under the by-laws of the cooperative, has the right to vote and who possesses all the qualifications and none of the disqualifications provided in the laws or the by-laws shall be eligible for election as director.

(2) The cooperative may, by resolution of its board of directors, admit as director, or committee member one appointed by any financing institution from which the cooperative received financial assistance solely to provide technical knowledge not available within its membership. Such director or committee member need not be a member of the cooperative and shall have no powers, rights nor responsibilities except to provide technical assistance as required by the cooperative.