(1) Each association formed under this article shall, within thirty days after filing its articles of incorporation with the secretary of state, adopt bylaws for the government and management of its affairs that are not inconsistent with this article. Such bylaws may be amended or modified in such manner as the bylaws may provide. Such bylaws may include:
The time, place, and manner of conducting its meetings;
The number and term of directors and the time of their election;
The mode and manner of removal of directors and the mode and manner of fillingvacancies in the board caused by death, resignation, or removal;
The power and authority of directors and number which shall constitute a quorum,which must be at least a majority;
The compensation of directors and officers;
The number of officers other than directors, if any, their term of office, the mode ofremoval, and the method of filling a vacancy;
The mode and manner of conducting business;
The mode and manner of conducting elections and provisions for voting by ballotsforwarded by mail or otherwise;
The qualifications for membership, manner of succession, and conditions for withdrawal or expulsion;
The amount of membership fee, conditions of membership, procedures for acquiringcapital, and the limitations of dividends on stock or interest on equity capital;
The manner of collection or enforcement procedures and the forfeiture of propertyrights and interests for nonpayment or nonperformance;
The method of determination of property rights and interests and time by which itshall be paid or delivered to such member or the member's representative upon withdrawal, expulsion, or death;
Such other things as may be proper to carry out the purpose for which the association was formed.
Source: L. 73: R&RE, p. 429, § 1. C.R.S. 1963: § 30-1-3. L. 96: IP(1) amended, p. 543, § 6, effective July 1. L. 2004: (1)(l) amended, p. 1408, § 31, effective July 1.