What may be provided for under the by-laws.
Section 12
SEC. 12. What may be provided for under the by-laws.—Each association, under its by-laws, may provide for any or all of the following matters: (a) The time, place and manner of calling and conducting its meetings. (b) The number of members or stockholders, entitled to vote, constituting a quorum. (c) The right of members, or stockholders, entitled to vote, to vote by proxy or by mail or both; and the conditions, manner, form and effects 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 by-laws. (g) The amount of entrance, organization and membership fees, if any, the manner and method of collection of the same and the purposes for which they may be used. (h) The amount which each member 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 for services rendered by the association to him and the time of payment and the manner of collection; and the marketing contract between the association and its members which every member may be required to sign. (i) The qualification of members 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 interests 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 he ceases to be eligible to membership in the association and the mode, manner and effect of the expulsion of a member; the manner of determining the value of a member's interest and provision for its purchase by the association upon his death, withdrawal, or expulsion, or, upon the forfeiture of his membership, or, at the option of the association, upon the purchase of his interest at a price fixed by conclusive appraisal by the board of directors. In case of the withdrawal or expulsion of a member, the board of directors shall equitably and conclusively appraise his property interests in the association and shall fix the amount thereof in money, which shall be paid to him within one year after such expulsion or withdrawal.