(a) Each cooperative housing corporation shall provide in its bylaws for one or more regular membership meetings annually.

(b) Special membership meetings may be called by the president or the board of directors, and shall be called upon receipt by the board of a petition signed by at least ten percent of the cooperative housing corporation's members.

(c) Written notice of a meeting, stating the time, date, location, and purpose of the meeting, shall be mailed to each member not less than seven days prior to the meeting, by those authorized to call the meeting. A signed waiver is equivalent to notice to the member signing.

(d) No less than a majority of a cooperative housing corporation's members shall constitute a quorum, except that the bylaws may provide for a lesser quorum requirement for cooperative housing corporations with more than 50 units, but in no event shall the quorum be less than 20 percent. (Added 1987, No. 254 (Adj. Sess.), § 1, eff. June 16, 1988.)