Mississippi Code Title 79. Corporations, Associations, and Partnerships § 79-17-33. Federation formation, organization and management
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Five or more associations or corporations organized under this chapter, or whose purposes and operations are in any way promotive of, and not inconsistent with, the purposes of this chapter, whether incorporated hereunder or not, may organize and incorporate a federation of such incorporated associations as members thereof. Such incorporated federation shall be managed by a board of directors to be composed of representatives of such constituent member associations. The articles of association and incorporation for such federation shall contain the names of the constituent member associations, and the signatures and acknowledgments thereto shall be by an executive officer of each of the constituent associations; and the other procedure and details of incorporation shall be the same as herein provided for the incorporation of the constituent incorporated associations. The organization meeting and adoption of bylaws shall be by representatives chosen by the respective constituent members for that purpose, one for each member. In the organization and management of such federation each constituent member shall be entitled to one vote only, and if any constituent member has more than one representative as members of the board of directors of said federation, such representatives as directors shall jointly have one vote only, it being intended that such a federation may be incorporated hereunder as aforesaid for the purposes and with all the rights and powers herein given to associations of producers of agricultural products hereunder. After such federation has been organized and incorporated as provided herein, agricultural societies, organizations, associations or corporations, whose purposes and operations are in any way promotive of, and not inconsistent with, the purposes of this chapter, whether incorporated under this chapter or not, may become members of such federation, and are accepted by the federation; and any such federation may limit its membership to associations incorporated under this chapter.
Such federation may be organized with capital stock at the option of the organizing associations, and in that event the provisions of this chapter applying to capital stock organization of incorporated associations shall apply also to such federation, but in addition the common stock thereof shall be owned only by member associations. And the management shall be vested in a board of directors of such number as the bylaws may provide, elected by the shareholders. Such federation may begin business as soon as the organizing associations have paid for at least one share of stock each.
The representatives of the member associations in the case of non-stock federations, and the directors of capital stock federations, need not be producers of agricultural products, shareholders or members of the constituent members.
Cite this article: FindLaw.com - Mississippi Code Title 79. Corporations, Associations, and Partnerships § 79-17-33. Federation formation, organization and management - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-79-corporations-associations-and-partnerships/ms-code-sect-79-17-33.html
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