Matters referred to entire membership

Upon demand of one-third (1/3) of the entire board of directors, any matter that has been approved or passed by the board must be referred to the entire membership or the stockholders for decision at the next special or regular meeting. A special meeting may be called for that purpose. Acts 1921, No. 116, § 16; Pope's Dig., § 2301; A.S.A. 1947, § 77-916. Upon demand of one-third (1/3) of the entire board of directors, any matter that has been approved or passed by the board must be referred to the entire membership or the stockholders for decision at the next special or regular meeting. A special meeting may be called for that purpose. Acts 1921, No. 116, § 16; Pope's Dig., § 2301; A.S.A. 1947, § 77-916.