§ 53-4-9 — Contents of by-laws [bylaws]

The by-laws [bylaws] may, within the limitations set forth herein provide for: A. the method and terms of admission to membership and the disposal of members' interests on cessation of membership for any reason; B. the time, place and manner of calling and conducting meetings; C. the number or percentage of the members constituting a quorum; D. the number, qualifications, powers, duties, term of office, and manner, time and vote for election, of directors and officers; and the classification, if any, of directors; E. the compensation, if any, of the directors, and the number of directors necessary to constitute a quorum; F. the method of distributing the net savings; G. the various discretionary provisions herein as well as other provisions incident to the purposes and activities of the association.

Legislative History

Laws 1939, ch. 164, § 9; 1941 Comp., § 54-1409; 1953 Comp., § 51-15-9.