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

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

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

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

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

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

(6)  A provision that associations shall notdiscriminate 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 specifiedperiod of time, any action taken by the directors must be referred to themembers for approval or disapproval if demanded by petition by at least fiveper cent of the members or two hundred fifty members, whichever is less, or bymajority vote of the directors; provided that rights of third parties whichhave vested between the time of action by the directors and approval ordisapproval by the members shall not be impaired. [L 1982, c 97, pt of §2; am L1984, c 217, §5; am L 2001, c 129, §65]