Guam § 17402 - Notice and Action on Amendment of Organic Rules.

§ 17402. Notice and Action on Amendment of Organic Rules.

(a) Except as provided in § 17401(a), the organic rules of a limited cooperative association may be

amended only at a members meeting. An amendment may be proposed by either:

(1) a majority of the board of directors, or a greater percentage if required by the organic rules;

or

(2) one (1) or more petitions signed by at least ten percent (10%) of the patron members or at

least ten percent (10%) of the investor members.

(b) The board of directors shall call a members meeting to consider an amendment proposed pursuant

to Subsection (a) of this Section. The meeting must be held no later than ninety (90) calendar days following

the proposal of the amendment by the board or receipt of a petition. The board must mail or otherwise

transmit or deliver in a record to each member:

(1) the proposed amendment, or a summary of the proposed amendment and a statement of the

manner in which a copy of the amendment in a record may be reasonably obtained by a member;

(2) a recommendation that the members approve the amendment, or if the board determines that

because of conflict of interest or other special circumstances it should not make a favorable

recommendation, the basis for that determination;

(3) a statement of any condition of the board’s submission of the amendment to the members; and

(4) notice of the meeting at which the proposed amendment will be considered, which must be

given in the same manner as notice for a special meeting of members.