Section 1. Membership in Other Organizations.
The cooperative shall not become a member of, or purchase stock, in any other organization without an affirmative vote of the board of directors.
Section 2. Waiver of Notice.
Any member or director may waive in writing any notice of a meeting required to be given by these bylaws. The attendance of a member or director at any meeting shall constitute a waiver of notice of such meeting by such member or director, except in case a member or director shall attend a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened.
Section 3. Rules and Regulations.
The board of directors shall have the power to make and adopt such rules and regulations, not inconsistent with law, the articles of incorporation, or these bylaws, as it may deem advisable for the management of the business and affairs of the cooperative.
Section 4. Accounting System and Reports.
The board of directors shall cause to be established and maintained a complete accounting system which, among other things and subject to applicable laws and rules and regulations of any regulatory body, shall conform to such accounting system as may from time to time be designated by the administrator of the Rural Utilities Service of the United States of America. The board of directors shall also, after the close of each fiscal year, cause to be made, by a certified public accountant, a full and complete audit of the accounts, books, and financial condition of the cooperative as of the end of such fiscal year. Also, a report on such audit shall be submitted to the members at the next following annual meeting.
Section 5. Area Coverage.
The board of directors shall make diligent effort to see that electric service is extended to all unserved persons within the cooperative service area who (a) desire such service and (b) meet all reasonable requirements established by the cooperative as a condition of such service.