[§421H-3]  Contents of bylaws.  The
bylaws shall provide at least the following:



(1)  The election of a board of directors, the number
of persons constituting the board, and that the terms of at least one-third of
the directors shall expire annually; the powers and duties of the board; the
method of removal from office of directors; and whether or not the board may
engage the services of a manager or managing agent, or both, and specifying
which of the powers and duties granted to the board by this chapter or
otherwise may be delegated by the board to either or both of them.



(2)  Method of calling meetings of the shareholders;
what percentage, if other than a majority of shareholders constitutes a quorum;
and what percentage, consistent with this chapter, is necessary to adopt
decisions binding on all shareholders.



(3)  Election of a president from among the board of
directors who shall preside over the meetings of the board of directors.



(4)  Election of a secretary who shall keep the minute
book wherein resolutions shall be recorded.



(5)  Election of a treasurer who shall keep the
financial records and books of accounts.



(6)  Operation of the property; determination and
collection of monthly carrying charge for each unit.



(7)  Designation and removal of personnel necessary
for maintenance and repair.



(8)  Method of adopting and amending administrative
rules and regulations governing the details of the operation and use of
corporate property.



(9)  Two-thirds of the shareholders may at any time
modify or amend the bylaws, but each one of the particulars set forth in this
section shall always be embodied in the bylaws.



(10)  All members of the board of directors except for
initial provisional directors shall be shareholders.  There shall not be more
than one representative on the board of directors from any one dwelling unit.



(11)  A director shall not cast any proxy vote at any
board meeting, nor shall a director vote at any board meeting on any issue in
which the director has a conflict of interest.



(12)  No employees of the cooperative shall serve on
the board of directors.



(13)  The board of directors shall meet at least once a
year.



(14)  Notices of shareholders' meetings, whether annual
or special, shall be delivered to each shareholder at least fourteen days prior
to such meeting, and shall contain at least:  the date and time of such
meeting; the place of such meeting; and the items on the agenda of such
meetings.



(15)  All board of directors' meetings shall be
conducted in accordance with Robert's Rules of Order, or other accepted rules
for the conduct of meetings.



(16)  The shareholders may require, by vote at the
annual meeting, a yearly audit of the corporate books by a certified public
accountant.



(17)  Notice of the annual board meeting shall be given
in a reasonable manner at least fourteen days, if practicable, prior to such
meeting.



(18)  That the minutes of meetings of the board of
directors, shareholders, and the corporation's financial statements shall be
available for examination by shareholders at convenient hours at a place
designated by the board.



(19)  A proxy shall only be valid for the meeting to
which the proxy pertains and its adjournments, may designate any person as
proxy, and may be limited as the shareholder desires and indicates; provided
that no proxy shall be irrevocable. [L 1987, c 105, pt of §1]