§ 54-116. Bylaws adopted.
§54‑116. Bylaws adopted.
At the time of making thearticles of incorporation the incorporators shall make bylaws which shallprovide:
(1) The name of thecorporation.
(2) The purposes forwhich it is formed.
(3) Qualifications formembership.
(4) The date of theannual meeting; the manner in which members shall be notified of meetings; themanner of conducting the meetings; the number of members which shall constitutea quorum at the meetings, and regulations as to voting.
(5) The number ofmembers of the board of directors; powers and duties; the compensation andduties of officers elected by the board of directors.
(6) In the case ofselling agencies or productive societies, regulations for grading.
(7) In the case ofselling agencies or productive societies, regulations governing the sale ofproducts by the members through the organization.
(8) The par value of theshares of capital stock.
(9) The conditions uponwhich shares may be issued, paid in, transferred, and withdrawn.
(10) The manner in whichthe reserve fund shall be accumulated.
(11) The manner in whichthe dividends shall be determined and paid to members.
(12) Associations,societies, companies or exchanges, organized hereunder to engage in thetelephone or electric light business upon a mutual basis, shall adopt a bylawlimiting the patrons and subscribers to members of the association.
(13) In the case ofapartment housing, regulations governing the rental of apartments. (1915,c. 144, s. 5; C.S., s. 5247; 1925, c. 179, s. 4; 1959, c. 991.)