Sec. 16. (a) Each association shall provide in the association’s bylaws for one (1) or more regular meetings annually.

     (b) The board of directors of an association may call a special meeting at any time.

     (c) Ten percent (10%) of the members or stockholders of an association may file a petition stating the specific business to be brought before the association and demand a special meeting at any time. If the requirements of this subsection are satisfied, the directors of the association shall call the special meeting.

     (d) Notice of all meetings, together with a statement of the purposes of the meeting, shall be mailed to each member at least ten (10) days before the meeting. However, the association’s bylaws may instead provide that the notice may be given by publication in a newspaper of general circulation, published at the principal place of business of the association.

[Pre-2008 Recodification Citation: 15-7-1-10.]

As added by P.L.2-2008, SEC.3.