§ 7-6.1-10 - Articles or bylaws.
SECTION 7-6.1-10
§ 7-6.1-10 Articles or bylaws. – The articles or bylaws may provide:
(1) For election of directors and other officials by unit ordistrict;
(2) For voting by stockholders or members on the basis of onevote per stockholder or member, or one vote per dwelling unit rather than onevote per share or certificate;
(3) That any action required or permitted to be taken at ameeting of stockholders or members may be taken by mail ballot;
(4) For a method of membership representation of stockholdersor members at meetings by delegates from units or districts; provided, thatdelegates must be proportional to the number of stockholders or members in eachunit district;
(5) For redemption or recall of stock;
(6) For termination of membership rights and privileges of astockholder;
(7) Standards for eligibility to become a stockholder ormember;
(8) For the allocation of its net savings among the usespermitted in § 7-6.1-11.