A. Each association incorporated pursuant to the Cooperative Marketing Association Act shall adopt bylaws consistent with the Cooperative Marketing Association Act within thirty (30) days after its incorporation. A majority of the members voting on the bylaws is necessary to adopt the bylaws. Each shareholder or member shall be entitled to one vote, and no more, irrespective of the number of shares owned or patronage.

B. The bylaws shall provide for their amendment by the members and the method by which amendments may be adopted. The bylaws may include, but are not limited to:

1. The time, place, and manner of calling and conducting its meetings, which meetings, and the meetings of its directors, may be held either in or outside the state;

2. The number of members constituting a quorum;

3. The right of members to vote in person, by proxy, or by mail at general or special meetings; and the conditions, manner, form, and effects of these votes;

4. The number of directors constituting a quorum;

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

6. Penalties for violations of bylaws;

7. The amount of entrance, organization, and membership fees, if any; the manner and method of collection of the fees, and the purposes for which the fees may be used;

8. 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 association; the charge, if any, to be paid by each member for services rendered by the association to such member and the time of payment and the manner of collection; and marketing contract between the association and its members which every member may be required to sign; and

9. The number, qualification, and voting rights of members of the association and the conditions precedent to membership; the method, time, and manner of permitting members to withdraw or to transfer their stock; the manner of assignment and transfer of the interest of members; the mode, manner, and effect of the expulsion of a member; the manner of determining the value of a member's interest and provision for its purchase by the association upon the death or withdrawal of a member or upon the expulsion of a member or forfeiture of membership.

Added by Laws 1937, p. 264, § 10. Amended by Laws 2001, c. 38, § 10, eff. Nov. 1, 2001. Renumbered from § 361i of this title by Laws 2001, c. 38, § 26, eff. Nov. 1, 2001.