§ 81.480 — Bylaws: Optional provisions

Each corporation organized under NRS 81.410 to 81.540, inclusive, may also, by its bylaws, provide for the following matters:
1. The manner of removal of any one or more of its directors.
2. The manner of filling any and all vacancies of the board of directors.
3. The conditions upon which and the time when membership of any member in the corporation shall cease; the mode, manner and effect of expulsion of a member, subject to the right of the expelled member to have the board of directors equitably appraise his or her property interests in the corporation and to fix the amount thereof in money, and to have the money paid to him or her within 60 days after such expulsion.
4. The amount of membership fee, if any.
5. 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 corporation.
6. The compensation, if any, to be paid by each member for any services rendered by the corporation to the member, and the time of payment and the manner of collecting the same, and may provide for forfeiture of the interest of the member in the corporation for nonpayment of the same.
7. The number and qualifications of members of the corporation.
8. The conditions precedent to membership.
9. The method, time and manner of permitting members to withdraw.
10. The assignment and transfer of the interest of members, and the manner of determining the value of such interest and providing for the purchase of such interest by the corporation upon the death, withdrawal or expulsion of a member or upon the forfeiture of a member’s membership, at the option of the corporation.

Legislative History

[Part 4:395:1955]