10-2006. Bylaws; renewal upon expiration of contract period

A. Each association shall within thirty days after incorporation adopt bylaws. A majority vote of the members or their written assent is necessary to adopt such bylaws. The bylaws may provide for:

1. The time, place and manner of calling and conducting meetings.

2. The number of members constituting a quorum.

3. The right of members to vote by proxy, by mail or by both methods, and the conditions, manner, form and effect of the votes.

4. The number of directors constituting a quorum.

5. The qualifications, compensation, duties and term of office of directors and officers, time of their election and the manner of giving notice of the election.

6. Penalties for violation of the bylaws.

7. The amount of entrance, organization and membership fees, if any, the method of collecting them and the purposes for which they may be used.

8. The annual dues or assessments.

9. The charge to be paid by each member for services rendered by the association to him, 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 qualification 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 and transfer of the interest of members.

14. The conditions upon which, and time when membership of a member shall cease.

15. The automatic suspension of the rights of a member when he ceases to be eligible to membership, and the manner and effect of the expulsion of a member.

16. The manner of determining the value of a member's interest, and providing for purchase of such interest by the association upon his death, withdrawal, expulsion or forfeiture of membership, at the option of the association.

17. If members are to be accorded unequal voting rights, the manner of determining the number of votes to which each member is entitled.

B. Upon termination of each contract period, the board of directors of the association may renew or revise the bylaws to be in effect for the next contract period, and the renewal or revision shall be the bylaws of the association after thirty days notice has been given to the members, unless more than fifty per cent of the members of the association have filed objections thereto in writing, except that when property rights of the members are affected, section 10-2007 shall apply.