The bylaws should state the minimum dollar figure that must be met before an individual is eligible for membership. The bylaws may also prescribe additional requirements. A 274 cooperative typically issues a membership certificate to all members. Members receive shares of stock for a 357 cooperative. No shareholder in a stock cooperative may own shares of a greater aggregate par value than 10 percent of the total par value of all shares of stock in the cooperative.
Bylaws are rules adopted by an organization's membership.
They govern the organization's internal affairs. Bylaws are valid as long as they are not illegal or in conflict or inconsistent with state or federal laws that apply to the organization. Both Missouri cooperative statutes list items that may be addressed in a cooperative's bylaws. Such provisions are practical and necessary for the continued operation of the cooperative. 274 cooperatives must adopt bylaws within 30 days after incorporation.