34:17-6. By-laws
The by-laws of such society shall provide:
a. For an annual meeting of the members thereof and such other regular and special meetings as may be deemed desirable, the number of members necessary to constitute a quorum for the transaction of business and the right of voting thereat;
b. For the election of directors and other officers, agents and factors, and their respective powers and duties;
c. For the limitation of the amount of such real and personal estate as the purposes of the society shall require;
d. Whether the shares, or any number of them, shall be transferable, and if it is determined that they shall be transferable, provision for their transfer and registration, and the consent of the board of directors to the same, and if it is determined that the shares shall not be transferable, provision for paying to members the balance due to them on withdrawal, or of paying nominees in cases hereinafter mentioned;
e. How members may withdraw from the society;
f. Whether and by what authority any part of the capital may be invested in or on security of another society through which its products are disposed of or its supplies secured;
g. Whether and to what extent credit in its business transactions may be given or taken;
h. In what sum and with what sureties the treasurer and other fiduciary officers and agents shall give bonds for the faithful performance of their respective duties;
i. For the audit of accounts;
j. For the distribution of the net profits; and
k. For the custody, use and device of the seal, which shall bear the corporate name of the society.
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Last modified: October 11, 2016