There Is a Newer Version
of
the Georgia Code
2006 Georgia Code - 2-10-86
2-10-86. (a) Each association incorporated under this
article, within 30 days after its incorporation, shall adopt for
its government and management a code of bylaws not inconsistent
with the powers granted by this article. A majority vote of a
quorum of the members or stockholders attending a meeting shall be
sufficient to adopt or amend the bylaws when notice of the proposed
bylaw or bylaws is given prior to the meeting. (b) Under its bylaws each association may
provide for any or all of the following matters:
(1) The time, place, and manner of
calling and conducting its meetings; (2) The number of stockholders or members
constituting a quorum; (3)
The right of members or stockholders to vote by proxy, by mail, or
by both and the conditions, manner, form, and effects of such
votes; (4) The number of
directors constituting a quorum; (5) The qualifications, compensation, duties,
and term of office of directors and officers; the time of their
election; and the mode and manner of giving notice thereof;
(6) Penalties for violations of
bylaws; (7) The amount of
entrance, organization, and membership fees, if any; the manner and
method of collecting the same; and the purposes for which they may
be used; (8) The amount which
each member or stockholder 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 or
stockholder for services rendered by the association to him or her
and the time of payment and manner of collection thereof; and the
marketing contract between the association and its members or
stockholders, which every member or stockholder may be required to
sign; (9) The number and
qualification of members or stockholders of the association and the
conditions precedent to membership or ownership of common
stock; (10) The method, time,
and manner of permitting members to withdraw or the holders of
common stock to transfer their stock and the manner of assignment
and transfer of the interests of members and of the shares of
common stock; (11) The
conditions upon which and time when the membership of any member
shall cease; the automatic suspension of the rights of a member
when he or she ceases to be eligible for membership in the
association; and the mode, manner, and effect of the expulsion of a
member; and (12) The manner
of determining the value of a member´s property interest in
the association and provision for its purchase by the association
upon the death or withdrawal of a member or stockholder or upon the
expulsion of a member or forfeiture of his or her membership,
provided that, at the option of the association, such value may be
determined by conclusive appraisal by the board of
directors.
Disclaimer: These codes may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
