10-2007 - Arizona Statutes

10-2007. By-laws concerning property rights of members; amendment The property rights and interest of each member, whether equal or unequal, shall be set forth in the by-laws of the association as general rules applicable to all members by which the property rights and interest of each member shall be determined and fixed. The association may admit new members, who, when admitted, shall share in the property of the association with the old members in accordance with such general rules. By-laws defining the property rights of members shall not be altered, amended or repealed except by written consent or the vote of three fourths of the members qualified to vote under the by-laws of the association.