81.240 - Bylaws: Required and optional provisions concerning profits.
81.240 Bylaws: Required and optional provisions concerning profits.
1. The bylaws shall provide for the time and manner in which profits shall be divided between the members, and what proportion of the profits, if any, shall be added to the common property or funds of the association.
2. The bylaws may provide that the directors may suspend or pass the payment of any such profit or installment of earnings at their discretion.
[8:60:1901; RL § 1256; NCL § 1591]