383.016. Articles of association and bylaws, additional contents. - Missouri Statutes

Articles of association and bylaws, additional contents.

383.016. The articles of association and the bylaws of anyassociation created under the provisions of sections 383.010 to 383.040shall:

(1) Specify and define the types of assessments, including but notlimited to initial, regular, operating, special, any other assessment tocover losses and expenses incurred in the operation of the association, orany other assessment to maintain or restore the association's assets,solvency, or surplus;

(2) Specify by type of assessment the assessments that shall apply tomembers, former members, or both members and former members of theassociation; and

(3) With respect to any assessment to cover losses and expensesincurred in the operation of the association and any assessment to maintainor restore the association's assets, solvency, or surplus specify:

(a) The exact method and criteria by which the amounts of each typeof assessment are to be determined;

(b) The time in which the assessments must be paid;

(c) That such assessments shall be made without limitation as tofrequency;

(d) The maximum amount of any single assessment; and

(e) How such assessments apply to members and former members.

(L. 2006 H.B. 1837)