Permissible provisions

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  • The bylaws of a cooperative corporation may provide for:
    • (a) The management of the property.

    • (b) The regulation of the affairs.

    • (c) Transfer of the shares.

    • (d) The purchase of shares as authorized.

    • (e) Calling of meetings of shareholders.

    • (f) Election of directors.

    • (g) The number of shareholders necessary to constitute a quorum.

    • (h) The method of returning and distributing net savings or earnings.

    • (i) Such other rules and regulations as the directors deem necessary for the proper management of the business of the corporation.


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