§ 15-12-1-15 — Bylaws; adoption and amendment; scope

Indiana § 15-12-1-15

• Jurisdiction: Indiana
• Art. 12: AGRICULTURAL ASSISTANCE
• Ch. 1: Agricultural Cooperatives

Text

(a) Each association organized under or
governed by this chapter shall, not more than thirty (30) days after the
association's incorporation or after the association's acceptance of the
requirements of this chapter, adopt a code of bylaws.
(b) The power to adopt, make, alter, amend, or repeal the bylaws is
vested in the board of directors, unless specifically provided in the
articles of incorporation.
(c) The bylaws may contain any provisions for the regulation and
management of the business and affairs of the association that are not
inconsistent with the articles of incorporation and the laws of this state,
including provisions concerning the following:
(1) The time and place of holding and the manner of calling and
conducting meetings of members and directors.
(2) The number of members that constitute a quorum at a meeting
of the members.
(3) The number of directors that constitute a quorum at a meeting
of the directors.
(4) The right of members to vote by proxy, by mail, or by
delegates elected by members in their respective districts, or by
any one (1) or more such methods.
(5) The number of directors, their qualifications, the date, time,
place, and manner of their election, and the length of their terms
of office.
(6) The powers, duties, tenure, and qualifications of officers of the
association and the date, time, place, and manner of electing the
officers.
(7) The creation and appointment of executive and other
committees, and the number of members of the committees and
their powers.
(8) The:
(A) amount of entrance, organization, and membership fees, if
any;
(B) manner and method of collection of the fees; and
(C) purposes for which the fees may be used.
(9) The:
(A) amount, if any, that each member is required to pay
annually or from time to time to carry on the business of the
association;
(B) charge, if any, to be paid by each member for services
rendered by the association to the member; and
(C) time of payment and manner of collection of the amounts.
(10) The requirements made or imposed on members to enter into
contracts with the association for the marketing of the members'
products or for the purchasing of the members' supplies,
machinery, or equipment, or both.
(11) The following:
(A) Qualifications for membership in the association and the
conditions precedent to membership.
(B) The method, time, and manner in which a member can
withdraw from membership.
(C) The conditions upon which and the time when the
membership of any member ceases.
(D) The automatic suspension of the voting rights of a member
when the member ceases to be eligible for membership in the
association.
(E) The method, manner, and effect of the expulsion of a
member.
(F) The manner of determining the value of a member's interest
or shares:
(i) when the member is expelled; or
(ii) upon the member's death or withdrawal from
membership.
(G) The manner in which the interest or shares of a member can
be transferred or assigned.
(H) The time and manner in which a member's interest or
shares may be redeemed by the association.
(12) Penalties for violation of the bylaws.
[Pre-2008 Recodification Citation: 15-7-1-9.]

Legislative History

As added by P.L.2-2008, SEC.3.