Membership vote on plan--Meeting--Notice of meeting--Two-thirds vote required.
Where there are members entitled to vote thereon, the board of directors shall adopt a resolution
recommending a plan of distribution and directing the submission thereof to a vote at a meeting of
members entitled to vote thereon, which may be either an annual or a special meeting. Written notice
setting forth the proposed plan of distribution or a summary thereof shall be given to each member
entitled to vote at such meeting, within the time and in the manner provided by chapter 47-23 for the
giving of notice of meeting of members. Such plan of distribution shall be adopted upon receiving
at least two-thirds of the votes entitled to be cast by members present or represented by proxy at such
Source: SL 1965, ch 24, § 49 (1).