Membership in a cooperative is conditioned on ownership of a share of membership stock or payment of a membership fee as set forth in the articles. If the articles so provide, the bylaws may authorize a procedure by which the membership fee initially stated in the articles pursuant to ORS 62.513 (Contents of articles of incorporation) (1)(c) may be changed without filing amended or restated articles. The bylaws of a cooperative may authorize membership conditioned upon payment of part of the membership fee or payment for part of the membership stock subscribed for and compliance with an agreement to pay the balance.
Qualifications for membership and method of acceptance of members shall be as set forth in the bylaws of the cooperative.
Bylaws may provide for termination of membership and the conditions and terms thereof. [1957 c.716 §9; 1995 c.195 §2]
Atty. Gen. Opinions
Homestead as applied to a shareholder-tenant in a cooperative apartment, (1971) Vol 35, p 897