17-1609.Bylaws.
Each association incorporated under this act must, within 30 days after its
incorporation, adopt for its government and management a code of bylaws, not
inconsistent with the powers granted by this act. Each association under its
bylaws may also provide for any or all of the following matters:
(a) The time, place and manner of calling and conducting the association
meetings. The bylaws may provide that the association may have an office or
offices outside of this state and may hold the association's stockholders' and
directors' meetings outside of this state.
(b) The number or voting power of stockholders or members constituting a
quorum.
(c) The right of members or stockholders to vote by proxy or by mail or
by both, and the conditions, manner, form and effect of such votes.
(d) The number of directors constituting a quorum.
(e) The qualifications, compensation, and duties and term of office of
directors and officers, time of their election, and the mode and manner of
giving notice thereof.
(f) Penalties for violations of the bylaws.
(g) The amount of entrance, organization and membership fees, if any;
the manner and method of collection of the same and purposes for which they
may be used.
(h) The amount which each member or stockholder shall be required to pay
annually or from time to time, if at all, to carry on the business of the
association; the charge, if any, to be paid by each member or stockholder
for services rendered by the association to such member or stockholder and the
time of payment and the manner of collection; and the marketing contract
between the association and the association's members or stockholders which
every member or stockholder may be required to sign.
(i) The number and qualifications of members or stockholders of the
association and the conditions precedent to membership or ownership of
common stock; the method, time and manner of permitting members to withdraw
or the holders of common stock to transfer their stock; the manner of
assignment and transfer of the interest of members and of the shares of
common stock; the conditions upon which and time when membership of any
member shall cease. The automatic suspension of the rights of a member when
such member ceases to be eligible to membership in the association, and the
mode, manner and effect of expulsion of a member; the manner of determining the
value of a member's interest and provisions for its purchase by the association
upon the death of a member, or forfeiture of such member's membership or at the
option of the association, by conclusive appraisal by the board of directors.
(j) The amount of annual dividends which may be paid on the common or
preferred stock, which shall in no case exceed the greater of 8% or the
contract interest rate set forth in subsection (a) of K.S.A. 16-207, and
amendments thereto, at the time of issuance, and the manner in which the
remainder of the association's profits shall be prorated in the form of
patronage allocations to the association's several stockholders or members upon
such member's or stockholder's purchases from, or sales to, the association or
upon both such purchases and sales.
History: L. 1921, ch. 149, § 9; R.S. 1923, 17-1609; L. 1931, ch. 150,
§ 4; L. 1992, ch. 227, § 9; July 1.
17-1609.Bylaws.
Each association incorporated under this act must, within 30 days after its
incorporation, adopt for its government and management a code of bylaws, not
inconsistent with the powers granted by this act. Each association under its
bylaws may also provide for any or all of the following matters:
(a) The time, place and manner of calling and conducting the association
meetings. The bylaws may provide that the association may have an office or
offices outside of this state and may hold the association's stockholders' and
directors' meetings outside of this state.
(b) The number or voting power of stockholders or members constituting a
quorum.
(c) The right of members or stockholders to vote by proxy or by mail or
by both, and the conditions, manner, form and effect of such votes.
(d) The number of directors constituting a quorum.
(e) The qualifications, compensation, and duties and term of office of
directors and officers, time of their election, and the mode and manner of
giving notice thereof.
(f) Penalties for violations of the bylaws.
(g) The amount of entrance, organization and membership fees, if any;
the manner and method of collection of the same and purposes for which they
may be used.
(h) The amount which each member or stockholder shall be required to pay
annually or from time to time, if at all, to carry on the business of the
association; the charge, if any, to be paid by each member or stockholder
for services rendered by the association to such member or stockholder and the
time of payment and the manner of collection; and the marketing contract
between the association and the association's members or stockholders which
every member or stockholder may be required to sign.
(i) The number and qualifications of members or stockholders of the
association and the conditions precedent to membership or ownership of
common stock; the method, time and manner of permitting members to withdraw
or the holders of common stock to transfer their stock; the manner of
assignment and transfer of the interest of members and of the shares of
common stock; the conditions upon which and time when membership of any
member shall cease. The automatic suspension of the rights of a member when
such member ceases to be eligible to membership in the association, and the
mode, manner and effect of expulsion of a member; the manner of determining the
value of a member's interest and provisions for its purchase by the association
upon the death of a member, or forfeiture of such member's membership or at the
option of the association, by conclusive appraisal by the board of directors.
(j) The amount of annual dividends which may be paid on the common or
preferred stock, which shall in no case exceed the greater of 8% or the
contract interest rate set forth in subsection (a) of K.S.A. 16-207, and
amendments thereto, at the time of issuance, and the manner in which the
remainder of the association's profits shall be prorated in the form of
patronage allocations to the association's several stockholders or members upon
such member's or stockholder's purchases from, or sales to, the association or
upon both such purchases and sales.
History: L. 1921, ch. 149, § 9; R.S. 1923, 17-1609; L. 1931, ch. 150,
§ 4; L. 1992, ch. 227, § 9; July 1.
17-1609.Bylaws.
Each association incorporated under this act must, within 30 days after its
incorporation, adopt for its government and management a code of bylaws, not
inconsistent with the powers granted by this act. Each association under its
bylaws may also provide for any or all of the following matters:
(a) The time, place and manner of calling and conducting the association
meetings. The bylaws may provide that the association may have an office or
offices outside of this state and may hold the association's stockholders' and
directors' meetings outside of this state.
(b) The number or voting power of stockholders or members constituting a
quorum.
(c) The right of members or stockholders to vote by proxy or by mail or
by both, and the conditions, manner, form and effect of such votes.
(d) The number of directors constituting a quorum.
(e) The qualifications, compensation, and duties and term of office of
directors and officers, time of their election, and the mode and manner of
giving notice thereof.
(f) Penalties for violations of the bylaws.
(g) The amount of entrance, organization and membership fees, if any;
the manner and method of collection of the same and purposes for which they
may be used.
(h) The amount which each member or stockholder shall be required to pay
annually or from time to time, if at all, to carry on the business of the
association; the charge, if any, to be paid by each member or stockholder
for services rendered by the association to such member or stockholder and the
time of payment and the manner of collection; and the marketing contract
between the association and the association's members or stockholders which
every member or stockholder may be required to sign.
(i) The number and qualifications of members or stockholders of the
association and the conditions precedent to membership or ownership of
common stock; the method, time and manner of permitting members to withdraw
or the holders of common stock to transfer their stock; the manner of
assignment and transfer of the interest of members and of the shares of
common stock; the conditions upon which and time when membership of any
member shall cease. The automatic suspension of the rights of a member when
such member ceases to be eligible to membership in the association, and the
mode, manner and effect of expulsion of a member; the manner of determining the
value of a member's interest and provisions for its purchase by the association
upon the death of a member, or forfeiture of such member's membership or at the
option of the association, by conclusive appraisal by the board of directors.
(j) The amount of annual dividends which may be paid on the common or
preferred stock, which shall in no case exceed the greater of 8% or the
contract interest rate set forth in subsection (a) of K.S.A. 16-207, and
amendments thereto, at the time of issuance, and the manner in which the
remainder of the association's profits shall be prorated in the form of
patronage allocations to the association's several stockholders or members upon
such member's or stockholder's purchases from, or sales to, the association or
upon both such purchases and sales.
History: L. 1921, ch. 149, § 9; R.S. 1923, 17-1609; L. 1931, ch. 150,
§ 4; L. 1992, ch. 227, § 9; July 1.