[§414D-89.5]  Amendment terminatingor canceling members; redemption of membership.  (a)  Any amendment to thearticles or bylaws which would terminate all members or any class of members orredeem or cancel all memberships or any class of memberships shall meet therequirements of this chapter and this section.

(b)  Prior to adopting a resolution proposingsuch an amendment, the board of the corporation shall give notice of thegeneral nature of the amendment to the members.

(c)  After adopting a resolution proposing suchan amendment, the notice to members proposing such amendment shall include oneor more statements of up to five hundred words opposing the proposed amendmentif such statement is submitted by any five members, or by members having threeper cent or more of the voting power, whichever is less, not later than twentydays after the board has voted to submit such amendment to the members forapproval.  The production and mailing costs shall be paid by the corporation.

(d)  Any such amendment shall be approved bythe members, whether through attendance or proxy, by two-thirds of the votescast by each class present at the meeting at which the amendment is voted upon.

(e)  Section 414D-89 shall not apply to anyamendment meeting the requirements of this chapter and this section. [L 2003, c81, §1]