Section 301:11

    301:11 Subject Matter. –
Each association may provide in its bylaws for any or all of the following matters:
I. The time, place and manner of calling and conducting its meetings.
II. The number of stockholders or members constituting a quorum.
III. The right of members or stockholders to vote by representation or by mail or by both; and the conditions, manner, form, and effect of such votes.
IV. The number of directors constituting a quorum.
V. The 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.
VI. Reasonable penalties for violations of the bylaws.
VII. The amount of entrance, organization and membership fees, if any; the manner of collecting the same; and the purposes for which they may be used.
VIII. The amount which each member or stockholder shall be required to pay annually or from time to time, if at all, to carry on the business of the association; the charges, if any, to be paid by each member or stockholder for services rendered by the association to him and the time of payment and manner of collection; and the marketing contract between the association and its members or stockholders, which every member or stockholder may be required to sign.
IX. The number and qualification of members or stockholders of the association and the conditions precedent to membership or ownership of common stock; the method, time and manner of permitting members to withdraw or the holders of common stock to transfer their stock; the manner of assignment and transfer of the interest of members and of the shares of common stock; the conditions upon which and time when a membership shall cease; the automatic suspension of the rights of a member when he ceases to be eligible to membership; the 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 stockholder, or upon the expulsion of a member or forfeiture of his membership, or, at the option of the association, the purchase at a price fixed by conclusive appraisal by a board of appraisers. But in no case shall it be provided that the value or price of the stock shall be determined by any board on which the association shall have any greater voice than the member or his representative.

Source. 1925, 33:8; 142:1. PL 224:11. RL 273:11.