Section 15March 10, 1990, Sec./Art. 15

By-laws. - (1) Each cooperative to be registered under this Code shall adopt by-laws not inconsistent with the provisions of this Code. The by-laws shall be filed at the same time as the articles of cooperation.

(2) The by-laws of each cooperative shall provide:

(a) The qualifications for admission to membership and the payment to be made or interest to be acquired as a condition for the exercise of the right of membership;

(b) The rights and liabilities of membership;

(c) The circumstances under which membership is acquired, maintained and lost;

(d) The procedure to be followed in case of termination of membership;

(e) The conditions under which the transfer of a share or interest of the members shall be permitted;

(f) The rules and procedures on the agenda, time, place and manner of calling, convening, conducting meetings, quorum requirements, voting systems, and other matters related to the business affairs of the general assembly, board of directors, and committees;

(g) The general conduct of the affairs of the cooperative, including the powers and duties of the general assembly, the board of directors, committees and the officers, and their qualifications and disqualifications;

(h) The manner in which the capital may be raised and the purposes for which it can be utilized;

(i) The mode of custody and of investment of net surplus;

(j) The accounting and auditing systems;

(k) The manner of loaning and borrowing, including limitations thereof;

(l) The method of distribution of net surplus;

(m) The manner of adopting, amending, repealing and abrogating by-laws;

(n) A conciliation or mediation mechanism for the amicable settlement of disputes among members, directors, officers and committee members of the cooperative; and

(o) Other matters incident to the purposes and activities of the cooperative.