§420-9 Powers of stockholders, and members. The stockholders and the members of the corporation shall have the following powers of the corporation:

(1) To determine the number of and elect directors as provided in section 420-11;

(2) To make, amend, and repeal bylaws;

(3) To amend the articles as provided in section 420-10;

(4) To exercise such other of the powers of the corporation as may be conferred on the stockholders and the members by the bylaws.

As to all matters requiring action by the stockholders and the members of the corporation, the stockholders and the members shall vote separately thereon by classes, and, except as otherwise herein provided, the matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting are entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting are entitled.

Each stockholder shall have one vote, in person or by proxy, for each share of capital stock held by the stockholder, and each member shall have one vote, in person or by proxy, except that any member having a loan limit of more than $1,000 shall have one additional vote, in person or by proxy, for each additional $1,000 which the member is authorized to have outstanding on loans to the corporation at any one time as determined under section 420-7(3)(B). [L 1957, c 288, §8; Supp, §176A-8; HRS §420-9; gen ch 1985]