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Indiana Code Title 26. Commercial Law § 26-4-3-2

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 2. (a) The corporation's board is created.  The governing powers of the corporation are vested in the board, which is composed of thirteen (13) members as described in subsections (b) and (c).

(b) The board consists of the following ten (10) voting members:

(1) Two (2) members appointed by the largest Indiana organization representing the interests of grain and feed dealers in Indiana.

(2) Two (2) members appointed by the largest Indiana organization representing general farm interests in Indiana.

(3) One (1) member appointed by the second largest Indiana organization representing general farm interests in Indiana.

(4) One (1) member appointed by the largest Indiana organization exclusively representing the interests of corn producers.

(5) One (1) member appointed by the largest Indiana organization exclusively representing the interests of soybean producers in Indiana.

(6) Two (2) members appointed by the largest Indiana organization representing the interests of bankers in Indiana.

(7) One (1) member appointed by the largest Indiana organization representing the interests of the seed trade in Indiana.

The members appointed under subdivisions (2) through (5) must be producers.

(c) The board consists of the following three (3) nonvoting members:

(1) The attorney general.

(2) The treasurer of state.

(3) The director of the agency.

(d) The:

(1) attorney general may designate a licensed attorney representative;  and

(2) treasurer of state may designate a representative;

to serve on the board.

(e) At an annual meeting of the board, to be held in July, the members of the board shall elect a chairperson and vice chairperson.  The chairperson and vice chairperson must be voting members and serve for a one (1) year term.  The chairperson and vice chairperson may be reelected for subsequent one (1) year terms for a maximum of two (2) years in an eight (8) year period.

(f) The chairperson shall lead the meetings of the board.  When the chairperson is not available the vice chairperson shall lead the meetings of the board.  If neither the chairperson nor vice chairperson is present, the chairperson may designate a voting member of the board to lead the meeting.

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Cite this article: FindLaw.com - Indiana Code Title 26. Commercial Law § 26-4-3-2 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-26-commercial-law/in-code-sect-26-4-3-2/

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