BYLAWS.
(a) Bylaws must be in a record and, if not stated in the articles of organization, must include:
(1) A statement of the capital structure of the limited cooperative association, including:
(2) A statement of the method for admission of members;
(3) A statement designating voting and other governance rights, including which members have voting power and any restriction on voting power;
(4) A statement that a member’s interest is transferable if it is to be transferable and a statement of the conditions upon which it may be transferred;
(5) A statement concerning the manner in which profits and losses are allocated and distributions are made among patron members and, if investor members are authorized, the manner in which profits and losses are allocated and how distributions are made among investor members and between patron members and investor members;
(6) A statement concerning:
(7) A statement of the number and terms of directors or the method by which the number and terms are determined.
(b) Subject to subsection (c) of Section 13 of this act and the articles of organization, bylaws may contain any other provision for managing and regulating the affairs of the association.
(c) In addition to amendments permitted under Article 4 of the Uniform Limited Cooperative Association Act of 2009, the initial board of directors may amend the bylaws by a majority vote of the directors at any time before the admission of members.
Added by Laws 2009, c. 68, § 32, eff. Jan. 1, 2010.