The members of any such association or club formed under this act [53-10-1 to 53- 10-8 NMSA 1978] may prescribe from time to time, rules and regulations for the government of said club or association as the majority of its members from time to time may determine, may prescribe what fees and dues shall be payable, and the time when the same shall be paid as a condition for membership, or the continuance thereof by any member, and may provide in such rules that upon default in payment of such dues, or the violation of any of its other rules or regulations, a member’s membership may be determined; which rules and regulations shall be deemed a contract between the member affected thereby and the balance of the members composing such association.