§54-116. Bylaws adopted

At the time of making the articles of incorporation the incorporators shall make bylaws which shall provide:

(1)        The name of the corporation.

(2)        The purposes for which it is formed.

(3)        Qualifications for membership.

(4)        The date of the annual meeting; the manner in which members shall be notified of meetings; the manner of conducting the meetings; the number of members which shall constitute a quorum at the meetings, and regulations as to voting.

(5)        The number of members of the board of directors; powers and duties; the compensation and duties of officers elected by the board of directors.

(6)        In the case of selling agencies or productive societies, regulations for grading.

(7)        In the case of selling agencies or productive societies, regulations governing the sale of products by the members through the organization.

(8)        The par value of the shares of capital stock.

(9)        The conditions upon which shares may be issued, paid in, transferred, and withdrawn.

(10)      The manner in which the reserve fund shall be accumulated.

(11)      The manner in which the dividends shall be determined and paid to members.

(12)      Associations, societies, companies or exchanges, organized hereunder to engage in the telephone or electric light business upon a mutual basis, shall adopt a bylaw limiting the patrons and subscribers to members of the association.

(13)      In the case of apartment housing, regulations governing the  rental of apartments.

(1915, c. 144, s. 5; C.S., s. 5247; 1925, c. 179, s. 4; 1959, c. 991.)