Sec. 15. (a) Each association organized under or governed by this chapter shall, not more than thirty (30) days after the association's incorporation or after the association's acceptance of the requirements of this chapter, adopt a code of bylaws.

(b) The power to adopt, make, alter, amend, or repeal the bylaws is vested in the board of directors, unless specifically provided in the articles of incorporation.

(c) The bylaws may contain any provisions for the regulation and management of the business and affairs of the association that are not inconsistent with the articles of incorporation and the laws of this state, including provisions concerning the following:

(1) The time and place of holding and the manner of calling and conducting meetings of members and directors.

(2) The number of members that constitute a quorum at a meeting of the members.

(3) The number of directors that constitute a quorum at a meeting of the directors.

(4) The right of members to vote by proxy, by mail, or by delegates elected by members in their respective districts, or by any one (1) or more such methods.

(5) The number of directors, their qualifications, the date, time, place, and manner of their election, and the length of their terms of office.

(6) The powers, duties, tenure, and qualifications of officers of the association and the date, time, place, and manner of electing the officers.

(7) The creation and appointment of executive and other committees, and the number of members of the committees and their powers.

(8) The:

(A) amount of entrance, organization, and membership fees, if any;

(B) manner and method of collection of the fees; and

(C) purposes for which the fees may be used.

(9) The:

(A) amount, if any, that each member is required to pay annually or from time to time to carry on the business of the association;

(B) charge, if any, to be paid by each member for services rendered by the association to the member; and

(C) time of payment and manner of collection of the amounts.

(10) The requirements made or imposed on members to enter into contracts with the association for the marketing of the members' products or for the purchasing of the members' supplies, machinery, or equipment, or both.

(11) The following:

(A) Qualifications for membership in the association and the conditions precedent to membership.

(B) The method, time, and manner in which a member can withdraw from membership.

(C) The conditions upon which and the time when the membership of any member ceases.

(D) The automatic suspension of the voting rights of a member when the member ceases to be eligible for membership in the association.

(E) The method, manner, and effect of the expulsion of a member.

(F) The manner of determining the value of a member's interest or shares:

(i) when the member is expelled; or

(ii) upon the member's death or withdrawal from membership.

(G) The manner in which the interest or shares of a member can be transferred or assigned.

(H) The time and manner in which a member's interest or shares may be redeemed by the association.

(12) Penalties for violation of the bylaws.

[Pre-2008 Recodification Citation: 15-7-1-9.]

As added by P.L.2-2008, SEC.3.