TCA § 48-101-904 — Required contents of bylaws for designation as neighborhood preservation nonprofit corporation

In order to qualify for the designation as a neighborhood preservation nonprofit corporation under this part, a corporation shall first include in its bylaws: That all members shall be owners of real property located within the area designated in the plat described in § 48-101-903(c); That decisions of the corporation involving the protection or preservation of real property within the area designated in the plat described in § 48-101-903(c) shall be made by a two-thirds (2/3) vote of its members; That each member shall pay a minimum monthly amount in dues of twenty-five dollars ($25.00) to the corporation and agree, prior to membership, to pay any outstanding dues prior to selling the member's real property located within the area designated in the plat described in § 48-101-903(c); That all assets of the corporation, minus those needed for administrative purposes, shall be applied towards preserving and protecting the real property designated in the plat described in § 48-101-903(c); That an itemized financial accounting of assets used for administrative purposes shall be made available to members upon request; and That copies of the bylaws shall be provided to members upon becoming members and at any time that the bylaws are changed.