1. Each association incorporated under this chapter must, within thirty days after its incorporation, adopt for its government and management, a code of bylaws, not inconsistent with the powers granted by this chapter. A majority vote of the members voting thereon, or their written assent, is necessary to adopt such bylaws. Each association, under its bylaws, may provide for any or all of the following matters:
(1)The time, place and manner of calling and conducting its meetings;
(2)The number of members constituting a quorum;
(3)The right of members to vote by proxy or by mail or by both; and the conditions, manner, form, and effect of such votes; and may provide for the representation of the members by delegates at meetings, and if so, then the method of apportionment of repr
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1. Each association incorporated under this chapter must, within thirty days after its incorporation, adopt for its government and management, a code of bylaws, not inconsistent with the powers granted by this chapter. A majority vote of the members voting thereon, or their written assent, is necessary to adopt such bylaws. Each association, under its bylaws, may provide for any or all of the following matters:
(1) The time, place and manner of calling and conducting its meetings;
(2) The number of members constituting a quorum;
(3) The right of members to vote by proxy or by mail or by both; and the conditions, manner, form, and effect of such votes; and may provide for the representation of the members by delegates at meetings, and if so, then the method of apportionment of representation, the manner of the election or appointment of such delegates, the right of such delegates to vote by proxy or by mail or by both, and the condition, manner, form and effect of such votes;
(4) The number of directors constituting a quorum;
(5) The qualifications, compensation, duties and term of office of directors and officers; the time of their election and the mode and manner of giving notice thereof;
(6) Penalties for violation of the bylaws; the mode, manner and vote required for amending the bylaws;
(7) The amount of entrance, organization and membership fees, if any; the manner and method of collection of the same; and the purposes for which they may be used;
(8) The amount which each member shall be required to pay annually or from time to time, if at all, to carry on the business of the association;
(9) The charge, if any, to be paid by each member for services rendered by the association to him and the time of payment and the manner of collection;
(10) The marketing contract between the association and its members which every member may be required to sign;
(11) The number and qualifications of members of the association and the conditions precedent to membership;
(12) The method, time and manner of permitting members to withdraw;
(13) The manner of assignment of the interests of the members;
(14) The conditions upon which and time when membership of any member shall cease;
(15) The automatic suspension of the rights of a member when he ceases to be eligible to membership in the association;
(16) The mode, manner and effect of the expulsion of a member;
(17) The manner of determining the value of a member's interests and provision for its purchase by the association upon the death or withdrawal of a member, or upon the expulsion of a member or forfeiture of his membership.
2. In case of death, withdrawal or expulsion of a member, the board of directors shall, when authorized by its membership, equitably and conclusively appraise his property interests in the association and shall fix the amount thereof in money, which shall be paid to him, his legal representatives or assigns at such time as may be authorized by the board of directors, and in no event later than same would have been payable in the usual course of business, had such member continued his membership.