(1) Under the terms and conditions prescribed in its bylaws, an association may admit as members, or issue common stock or certificate of membership, only to persons engaged in commercial fishing or domestic fish farming who catch, take, grow, or otherwise obtain aquatic products to be handled by or through the association. Certificate of membership and common stock shall not be transferable, and no person shall acquire the same by operation of law or otherwise, except as provided herein.

(2) If a member of a nonstock association be other than a natural person, such member may be represented by any individual, associate, officer, manager, or member thereof, duly authorized in writing.

(3) All members engaged in commercial fishing shall be required to have receipts evidencing that they have paid in full all licensing requirements of the State of Mississippi with regard to their fishing operation, including licenses and fees required with regard to their equipment. A failure to pay for such licenses or fees, when required by statute, shall result in the automatic suspension of such member from the association until such licenses or fees are paid in full.

(4) No member of any association organized under the terms of this chapter shall have more than one (1) vote, regardless of the amount of stock or membership capital he may own therein.

(5) Except for debts lawfully contracted between him and the association, no member shall be liable for the debts of the association to an amount exceeding the sum remaining unpaid on his membership fee.

(6) The first meeting of persons at interest, unless otherwise provided for, may be called by notice published in some convenient newspaper at least five (5) days before the time appointed for the meeting, which notice shall be signed by one or more persons named in the articles of association; and the meeting when assembled may proceed to organize the association.