Removal of officer or director.
Section 25
SEC. 25. Removal of officer or director.—Any member or stockholder may bring charges against an officer or director by filing them in writing with the secretary of the association, together with a petition signed by five per cent of the members or stockholders, requesting the removal of the officer or director in question. The removal shall be voted upon at the next regular or special meeting of the association and, by vote of the majority of the members or stockholders entitled to vote, the association shall remove the officer or director and fill the vacancy. The officer or director, against whom such charges have been brought, shall be informed in writing of the charges previous to the meeting and shall have an opportunity at the meeting to be heard in person or by counsel and to present witnesses; and the person or persons bringing the charges against him shall have the same opportunity. In case the by-laws provide for election of directors by districts, then the petition for removal of a director must be signed by twenty per cent of the members or stockholders residing in the district from which he was elected. The board of directors must call a special meeting of the members or stockholders entitled to vote in that district to consider the removal of the director; and by a vote of the majority of the members, or stockholders entitled to vote, in that district, the director in question shall be removed from office.