(a) Each association incorporated under this chapter must, within thirty (30) days after its incorporation, adopt for its government and management, a code of bylaws not inconsistent with the powers granted under this chapter. A majority vote of the members, or their written assent, is necessary to adopt bylaws.

(b) Each association, under its bylaws, may provide for any or all of the following matters:

(1) The number of members constituting a quorum;

(2) The right of members to vote by proxy or by mail, or both; and the conditions, manner, form and effects of such votes;

(3) The number of directors constituting a quorum;

(4) The qualifications, compensation, duties, term of office of directors and officers; the time of their election and mode and manner of giving notice thereof;

(5) Penalties for violations of the bylaws;

(6) The amount of entrance, organization and membership fees, if any; the manner and method of collection of the same; and the purpose for which they may be used;

(7) The amount that each member 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 for service rendered by the association to that member and the time of payment and manner of collection; and

(8) The number and qualification of members of the association and the conditions precedent to membership; the method, time, and manner of permitting members to withdraw; the manner of assignment and transfer of the interest of members; the conditions upon which and the time when the membership of any member shall cease; the automatic suspension of the rights of a member when the member ceases to be eligible to membership in the association; the mode, manner and effect of the expulsion of a member; the manner of determining the value of a member's interest and provision for its purchase by the association upon the death or withdrawal of the member, or upon the expulsion of a member for forfeiture of membership, or, at the option of the association, the purchase of the member's interest at a price fixed by conclusive appraisal of the board of directors. In case of the withdrawal or expulsion of a member, the board of directors shall equitably and conclusively appraise the member's property and property interests in the association and fix the amount of the property and property interests in money, which shall be paid to the member within one (1) year after expulsion.