507 - Fees, dues and assessments; fines and penalties.

§ 507. Fees, dues and assessments; fines and penalties.    (a)  If  authorized by its certificate of incorporation or by-laws and  subject to  any  limitations  stated  therein  a  corporation  may  levy  initiation  fees,  dues  and  assessments on its members, whether or not  they are voting members,  and  may  impose  reasonable  fines  or  other  penalties upon its members for violations of its rules and regulations.    (b)  Initiation fees, dues or assessments may be levied on all classes  of members alike or in different amounts or  proportions  for  different  classes  of  members, as the certificate of incorporation or the by-laws  may provide, but in all cases the fees, dues and assessments payable  by  members of one class shall be determined upon the same basis.    (c)  The  certificate of incorporation or the by-laws may contain such  provisions as are deemed necessary to enforce the  collection  of  fees,  dues,  assessments,  fines  or other penalties, including provisions for  the termination of membership, upon reasonable notice,  for  non-payment  of   such  fees,  dues,  assessments,  fines  or  other  penalties,  and  provisions for reinstatement of membership.    (d) Subject to the provisions of  this  chapter,  the  certificate  of  incorporation  may  provide that members paying initiation fees, dues or  assessments  shall,  upon   dissolution   of   the   corporation,   have  distributive  rights  in  its  assets.  The  distributive  rights may be  different for different classes of members, but in all cases the  rights  of members of one class shall be the same.