Each association shall adopt for its governance and management, bylaws that are consistent with the powers granted by this chapter and the articles of incorporation of the association. The bylaws may provide for any of the following:
(A) The time, place, and manner of calling and conducting the association's meetings;
(B) The number of members constituting a quorum. If voting by any method other than personal appearance is used, members represented by a ballot or by proxy may be counted in computing a quorum only on those matters for which the ballots or proxies were submitted.
(C) The right of members to vote by proxy or by ballot delivered in person, by mail, by electronic or telephonic transmittal, or any combination of these, and the conditions, manner, form, and effect of such votes;
(E) The number of directors constituting a quorum;
(F) The number, qualifications, compensation, duties, and terms of office of directors and officers, and the time of their election and the manner of giving notice of the election;
(G) Penalties for violation of the bylaws;
(H) The amounts of entrance, organization, and membership fees, if any; the manner of collecting them; and the purposes for which they may be used;
(I) Any amount that each member is required to pay annually or from time to time to carry on the business of the association; any charge to be paid by each member for services rendered by the association, and the time of payment and the manner of collection of such charge; and any marketing contract between the association and its members that every member may be required to sign;
(J) The number and qualifications of members of the association and the conditions of membership or for ownership of membership stock in the association;
(K) The time and manner of permitting members to withdraw or the holders of membership stock to transfer their stock; and the manner of assignment and transfer of membership stock;
(L) The conditions upon which, and the time when, the membership of any member ceases; and the suspension of the rights of a member who ceases to be eligible for membership in the association;
(M) The manner and effect of the expulsion of a member;
(N) In the event of the death or withdrawal of a member or upon the expulsion of a member or the forfeiture of membership, any of the following:
(1) The manner of determining the value of a member's interest;
(2) Provision for the purchase of a member's interest by the association;
(3) At the option of the association, provision for such purchase at a price fixed by appraisal by the board of directors of the association.
(O) Any other provision for any matter relative to the control, regulation, operation, management, or government of the association.
Effective Date: 08-05-1998 .