The bylaws shall set forth the meeting of the association, the basis for a quorum, provisions for vote by proxy and the notice of meetings. Bylaws shall set forth the terms of office for the Board of Directors, the composition of the board, the method of nominations, the method of election, and the handling of resignations, removals, vacancies, and compensation, as well as the conduct of board meetings. They shall also set forth the power and duties of the board. The officers, their means of election, terms of office and their duties shall be described. The committees required or the basis for their establishment shall be defined. The fiscal year shall be established, the indemnification of officers shall be described, and the basis for amendment shall be set forth.