§421C-12  Bylaws; contents.  The bylaws
shall contain:



(1)  The maximum amount or percentage of capital which
may be owned or controlled by one member;



(2)  A provision that in all decisions to amend the
articles or bylaws, as the case may be, the members shall be informed of those
decisions at least thirty days in advance through a mailing or a prominent
notice at all association locations;



(3)  The method and terms of admission to membership
and the disposal of members' interests on termination of membership for any
reason;



(4)  A provision stating that a majority of the
directors, or five per cent of the members or two hundred fifty members,
whichever is less, may submit a petition in writing and demand a special
membership meeting, which shall be called by the secretary within thirty days
of that demand;



(5)  A provision that notice for all meetings shall be
made through posting prominent signs at all association locations or by mailing
to the last known address of each member or director.  Notices for special
meetings shall specify the purpose of the meeting;



(6)  A provision that associations shall not
discriminate on their acceptance of members on a basis of race, gender,
religion, income, marital status, or nationality; and



(7)  A provision stating that within a specified
period of time, any action taken by the directors must be referred to the
members for approval or disapproval if demanded by petition by at least five
per cent of the members or two hundred fifty members, whichever is less, or by
majority vote of the directors; provided that rights of third parties which
have vested between the time of action by the directors and approval or
disapproval by the members shall not be impaired. [L 1982, c 97, pt of §2; am L
1984, c 217, §5; am L 2001, c 129, §65]