News
Members to vote on bylaw amendment at Annual Meeting
Claiborne Electric’s membership will vote on a suggested amendment to the Cooperative’s bylaws at the 2010 Annual Meeting.The Board of Directors of Claiborne Electric Cooperative has suggested additions to Article VIII (Disposition of Property) of the Co-op’s Bylaws, and members will vote on the amendment at the 2010 Annual Meeting.
The meeting will take place April 17 at the Thomas Assembly Center on the campus of Louisiana Tech University in Ruston. Members may register beginning at 10 a.m. and may vote on the amendment until the business meeting begins at 12:30 p.m.
This amendment to the bylaws of the Co-op is intended to clarify terms and language as it pertains to the disposition of Cooperative property. Claiborne Electric management and the Board of Directors ask members to vote YES to the amendment, as the change is in the best interest of the Co-op and its members.
The amendment to Article VIII of the by-laws of Claiborne Electric Cooperative, Inc. is recommended as follows:
A. To add at the end of Article VIII the following provisions:
1. Any attempt or proposed action for the sale, mortgage, lease or other disposal of all or a substantial portion of the property and assets of this corporation whether it is proposed under the provisions of LA R.S. 12:418 or of LA R.S. 12:421 shall be deemed by this cooperative to be a disposition of property and shall be subject to the provisions of Article VIII of the by-laws and in particular, to the requirement of the approval by two-thirds of the entire membership of the cooperative.
2. No merger of this cooperative with any other entity may be approved without the consent of two-thirds of the entire membership of the cooperative.
3. Any effort or attempt to merge this cooperative with another entity shall be deemed to be a proposed sale or disposition of the property and assets of the cooperative and shall be subject to the approval of two-thirds of the entire membership of the cooperative.
4. In the event of the dissolution of this cooperative under the provisions of LA R.S. 12:418, this cooperative may not continue to provide electrical service to its members for a period of greater than sixty (60) days.
5. The term “winding up” as defined as utilized in LA R.S. 12:418B(3) shall, for purposes of this cooperative be defined to not include the continual operation of the business affairs of the cooperative and shall be limited to a period of not more than sixty (60) days from the vote, if approved, of two-thirds of the entire membership of the cooperative as provided hereinabove.
6. The term “liquidation” as utilized in LA R.S. 12:418B(5) shall be deemed by this cooperative not to mean or permit the sale of all or a substantial portion of the assets or operations of this cooperative to another entity.