The bylaws may include: I. The method and terms of admission to membership and the disposal of members' interests on cessation of membership for any reason, including the amount of entrance, organization, and membership fees, and the purposes for which they may be used. II. The time, place, and manner of calling and conducting meetings. III. The number of members necessary to constitute a quorum. IV. The number, qualifications, powers, duties, term of office, and manner, time, and vote for election, of directors and officers; and the division or classification, if any, of directors to provide for rotating or overlapping terms. V. The compensation, if any, of the directors, and the number of directors necessary to constitute a quorum. VI. The method of distributing the net savings. VII. A requirement that patronage refunds to nonmembers be credited toward membership in a nonshare association or toward the purchase of a minimum number of shares in a share association. VIII. Any other provisions incident to the purposes and activities of the association.
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